Acquired Intangible Assets

6 Months Ended

Jun. 30, 2021

Acquired Intangible Assets [Abstract]

Note 7. Acquired Intangible Assets

Acquired identifiable intangible assets consist of the following:

	June 30, 2021			December 31, 2020
	(In thousands)
Customer relationships	$	151,876		$	111,701
Patents, developed technology and intellectual property		14,123			723
Trademarks and trade names		8,880			6,980
Non-compete agreements		3,277			3,272
Supply agreements		800			800
Leaseholds		160			160
Total acquired intangible assets		179,116			123,636
Less accumulated amortization (1)		(74,336	)		(70,221	)
Net acquired intangible assets	$	104,780		$	53,415

(1)

Applies to all intangible assets, except for trademarks and trade names totaling $2.6 million, which have indefinite useful lives and, as such, are not being amortized.

In May 2021, we acquired 100% of the capital stock of Trumpet Holdings, Inc. (more commonly known as “Trombetta”). Intangible assets acquired of $54.7 million consist of customer relationships of $39.4 million that will be amortized on a straight-line basis over the estimated useful life of 20 years; developed technology of $13.4 million that will be amortized on a straight-line basis over the estimated useful life of 15 years; and a trade name of $1.9 million that will be amortized on a straight-line basis over the estimated useful life of 10 years.

In March 2021, we acquired certain assets and liabilities of the particulate matter sensor product lines from Stoneridge, Inc. Intangible assets acquired of approximately $0.8 million consist of customer relationships that will be amortized on a straight-line basis over the estimated useful life of 10 years.

Total amortization expense for acquired intangible assets was $2.1 million and $4.1 million for the three months and six months ended June 30, 2021, respectively, and $2 million and $4.1 million for the comparable periods in 2020. Based on the current estimated useful lives assigned to our intangible assets, amortization expense is estimated to be $4.6 million for the remainder of 2021, $8.4 million in 2022, $8.1 million in 2023, $8 million in 2024 and $73.1 million in the aggregate for the years 2025 through 2041.