Intangible Assets

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

(5) Intangible Assets

Intangible Assets with Finite Lives

At September 30, 2023 and December 31, 2022, the Company's intangible assets with finite lives were as follows:


	September 30, 2023						December 31, 2022
(in thousands)	Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Net
Intangible assets with finite lives:
Customer relationships	$	51,160	$	(49,417)	$	1,743	$	51,137	$	(48,695)	$	2,442
Acquired technology	45,894		(11,925)		33,969		55,480		(10,707)		44,773
Trade names	30,496		(13,705)		16,791		35,930		(12,455)		23,475
Patent costs	18,714		(10,823)		7,891		18,673		(10,909)		7,764

Acquired patents	16,426		(14,716)		1,710		17,499		(15,661)		1,838
Other	13,170		(9,120)		4,050		13,255		(8,765)		4,490
Total intangible assets	$	175,860	$	(109,706)	$	66,154	$	191,974	$	(107,192)	$	84,782

Impairment of Intangible Assets with Finite Lives

During the quarter ended September 30, 2023, the Company concluded that it is more likely than not that it will sell or otherwise dispose of Oqton MOS, a business which the Company acquired in 2021. Oqton MOS represents a discrete asset group within the Industrial Solutions segment, as its identifiable cash flows are largely independent of the cash flows of other groups of assets and liabilities within the Industrial Solutions segment. Based upon the Company's expectation that it will sell or otherwise dispose of Oqton MOS, the long-term cash flow forecast for this asset group was revised. The revised long-term cash flow forecast indicated that the carrying amounts of Oqton MOS's long-lived assets, consisting primarily of product technology and trade name intangible assets initially recorded when Oqton MOS was acquired, may not be recoverable. Accordingly, the carrying value of Oqton MOS's long-lived assets was tested for impairment based upon an estimate of the associated discounted future cash flows. This fair value measurement approach required the use of Level 3 fair value measurement inputs, as defined in Note 19. As the present value of the estimated future cash flows expected to result from the use and eventual disposition of the asset group is less than the carrying value of the asset group, during the quarter ended September 30, 2023, the Company recognized $13,597 of impairment charges related to the acquired technology and trade names included in the Oqton MOS asset group.

Amortization of Intangible Assets with Finite Lives

Amortization expense related to our intangible assets with finite lives was $3,179 and $9,676 for the three and nine months ended September 30, 2023, respectively, compared to $4,293 and $10,273 for the three and nine months ended September 30, 2022, respectively. Amortization expense for intangible assets is estimated to be $2,085 for the remainder of 2023, $8,318 in 2024, $8,029 in 2025, $7,083 in 2026 and $6,733 in 2027.

Indefinite-Life Intangible Assets (Excluding Goodwill)

Total intangible assets reported on our September 30, 2023 and December 31, 2022 consolidated balance sheets include in-process research and development (“IPR&D”), which the Company recognized as an acquired indefinite-life intangible asset in connection with its acquisition of dp polar on October 4, 2022 (see Note 2). The carrying value of this indefinite-life intangible asset was $5,382 and $5,448 as of September 30, 2023 and December 31, 2022, respectively.