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Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

At December 31, 2023 and 2022, intangible assets consisted of the following (in thousands):


	December 31, 2023
	Cost		Accumulated amortization		Net		Amortization period (in years)
Customer relationships	$	267,838	$	(164,672)	$	103,166	10 - 35
Patents and technology	89,151		(41,189)		47,962		5 - 19
Non-compete agreements	190		(190)		—		5
Trade names	42,847		(28,974)		13,873		7 - 19
Trademark	5,089		(2,120)		2,969		15
Total intangible assets	$	405,115	$	(237,145)	$	167,970


	December 31, 2022
	Cost		Accumulated amortization		Net		Amortization period (in years)
Customer relationships	$	266,537	$	(147,496)	$	119,041	10 - 35
Patents and technology	88,863		(35,298)		53,565		5 - 19
Non-compete agreements	188		(188)		—		5
Trade names	42,638		(27,071)		15,567		7 - 19
Trademark	5,089		(1,781)		3,308		15
Total intangible assets	$	403,315	$	(211,834)	$	191,481

Intangible assets with definite lives are tested for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable.

Amortization expense was $23.9 million and $24.5 million for the years ended December 31, 2023 and 2022, respectively. The estimated future amortization expense for the next five years is as follows (in thousands):


Year ending December 31,	Amount
2024	$	22,938
2025	21,608
2026	20,356
2027	19,296
2028	17,997