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Intangible Assets | 12 Months Ended
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Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Intangible Assets | Intangible Assets The carrying values of intangible assets were as follows:
| December 31, 2024 |  | December 31, 2023
| Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
| (In thousands) |  | (In thousands)
Goodwill | $ | 1,018,677 |  |  | $ | — |  |  | $ | 1,018,677 |  |  | $ | 907,331 |  |  | $ | — |  |  | $ | 907,331 |
Definite-lived intangible assets subject to amortization: |  |  |  |  |  |  |  |  |  |  |
Developed technology | $ | 341,303 |  |  | $ | (247,904) |  |  | $ | 93,399 |  |  | $ | 300,240 |  |  | $ | (219,210) |  |  | $ | 81,030 |
Customer relationships | 454,298 |  |  | (164,279) |  |  | 290,019 |  |  | 296,616 |  |  | (145,739) |  |  | 150,877 |
Trademarks | 72,804 |  |  | (41,733) |  |  | 31,071 |  |  | 43,862 |  |  | (35,089) |  |  | 8,773 |
Backlog | 14,170 |  |  | (13,705) |  |  | 465 |  |  | 14,847 |  |  | (13,483) |  |  | 1,364 |
In-service research and development | 5,000 |  |  | (5,000) |  |  | — |  |  | 5,000 |  |  | (5,000) |  |  | — |
Non-compete agreements | 5,265 |  |  | (1,145) |  |  | 4,120 |  |  | 810 |  |  | (710) |  |  | 100 |
Total intangible assets subject to amortization | $ | 892,840 |  |  | $ | (473,766) |  |  | $ | 419,074 |  |  | $ | 661,375 |  |  | $ | (419,231) |  |  | $ | 242,144 |
Indefinite-lived intangible assets not subject to amortization: |  |  |  |  |  |  |  |  |  |  |
Trademarks | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 27,000 |  |  | $ | — |  |  | $ | 27,000 |
Total intangible assets not subject to amortization | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 27,000 |  |  | $ | — |  |  | $ | 27,000 |
Intangible assets | $ | 892,840 |  |  | $ | (473,766) |  |  | $ | 419,074 |  |  | $ | 688,375 |  |  | $ | (419,231) |  |  | $ | 269,144 |
Segment Allocation of Goodwill and Trademarks The changes in the carrying amount of goodwill assigned to reporting units in our reportable segments are as follows:
| Smart Infrastructure Solutions |  | Automation Solutions |  | Consolidated
| (In thousands)
Balance at December 31, 2022 | $ | 477,834 |  |  | $ | 384,419 |  |  | $ | 862,253 |
Acquisitions | 32,243 |  |  | 5,816 |  |  | 38,059 |
Translation impact | 1,447 |  |  | 5,572 |  |  | 7,019 |
Balance at December 31, 2023 | $ | 511,524 |  |  | $ | 395,807 |  |  | $ | 907,331 |
Acquisitions | 120,962 |  |  | 2,620 |  |  | 123,582 |
Translation impact | (3,128) |  |  | (9,108) |  |  | (12,236) |
Balance at December 31, 2024 | $ | 629,358 |  |  | $ | 389,319 |  |  | $ | 1,018,677 |
The changes in the carrying amount of indefinite-lived trademarks are as follows:
| Smart Infrastructure Solutions |  | Automation Solutions |  | Consolidated
| (In thousands)
Balance at December 31, 2022 and 2023 | $ | 27,000 |  |  | $ | — |  |  | $ | 27,000 |
Reclassify to definite-lived | (27,000) |  |  | — |  |  | (27,000) |
Balance at December 31, 2024 | $ | — |  |  | $ | — |  |  | $ | — |
Annual Impairment Test The annual measurement date for our goodwill impairment test is our fiscal November month-end. For our 2024 goodwill impairment test, we performed a qualitative assessment for all six reporting units and determined that it was more likely than not that the fair value of each reporting unit was greater than its respective carrying value. Therefore, we did not record any goodwill impairment in 2024. We did not recognize any goodwill or indefinite-lived intangible asset impairment in 2023 or 2022. Amortization Expense We recognized amortization expense in income from continuing operations of $59.4 million, $48.1 million, and $41.7 million in 2024, 2023, an d 2022, respectively. We expect to recognize annual amortization expense of $61.3 million in 2025, $50.7 million in 2026, $45.9 million in 2027, $36.8 million in 2028, and $31.0 million in 2029 related to our intangible assets balance as of December 31, 2024. The weighted-average amortization period for our customer relationships, trademarks, developed technology, non-compete agreements, and backlog is 19.5 years, 7.5 years, 7.3 years, 5.0 years, 5.0 years, and 5.0 years, respectively. At the beginning of 2024, we re-evaluated the useful life of a certain trademark in our Smart Infrastructure Solutions segment and concluded that an indefinite life for this trademark was no longer appropriate. We estimated a useful life of eight years for the trademark and will re-evaluate this estimate if and when our expected use of the trademark changes. We began amortizing the trademark in 2024, which resulted in amortization expense of $3.4 million for the year ended December 31, 2024. As of December 31, 2024 and 2023, the net book value of this trademark was $23.6 million and $27.0 million, respectively.

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