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INTANGIBLE ASSETS, NET | 3 Months Ended
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Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract] |
INTANGIBLE ASSETS, NET | INTANGIBLE ASSETS, NET Intangible assets are as follows:
(in thousands) | March 31, 2025 |  | December 31, 2024
Definite-lived intangible assets |  |  |
Customer relationships | $ | 25,592 |  |  | $ | 25,462 |
Unpatented technology | 3,728 |  |  | 3,703 |
Patented technology | 2,150 |  |  | 1,912 |
Tradename | 1,797 |  |  | 1,898 |
All other | 4,369 |  |  | 4,369 |
Gross value of definite-lived intangible assets | 37,636 |  |  | 37,344 |
Customer relationships amortization | (12,463) |  |  | (11,717) |
Unpatented technology amortization | (1,206) |  |  | (1,129) |
Patented technology amortization | (1,229) |  |  | (1,158) |
Tradename amortization | (1,256) |  |  | (1,224) |
All other amortization | (4,369) |  |  | (4,370) |
Accumulated amortization | (20,523) |  |  | (19,598) |
Net definite-lived intangible assets | $ | 17,113 |  |  | $ | 17,746 |
Indefinite-lived intangible assets |  |  |
Trademarks and trade names | $ | 1,305 |  |  | $ | 1,305 |
Total intangible assets, net | $ | 18,418 |  |  | $ | 19,051 |
The following summarizes the changes in the carrying amount of intangible assets, net:
(in thousands) | March 31, 2025 |  |
Balance at beginning of period | $ | 19,051 |  |  |
Amortization expense | (742) |  |  |
Currency translation adjustments | 109 |  |  |
Balance at end of the period | $ | 18,418 |  |  |
Amortization of intangible assets is included in Cost of operations and SG&A in the Condensed Consolidated Statement of Operations. Estimated future intangible asset amortization expense as of March 31, 2025 is as follows:
(in thousands) | Amortization Expense
Year ending December 31, 2025 | 2,022 |
Year ending December 31, 2026 | 2,674 |
Year ending December 31, 2027 | 2,674 |
Year ending December 31, 2028 | 2,674 |
Year ending December 31, 2029 | 2,660 |
Thereafter | 4,409 |

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