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GOODWILL AND OTHER INTANGIBLE ASSETS, NET | 12 Months Ended
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Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND OTHER INTANGIBLE ASSETS | GOODWILL AND OTHER INTANGIBLE ASSETS, NET Changes in the carrying amount of Printronix's goodwill consisted of the following:
| Years Ended December 31,
| 2023 |  | 2022
| (In thousands)
Beginning balance | $ | 7,541 |  |  | $ | 7,470 |
Acquisition of business | — |  |  | — |
Tax adjustment | — |  |  | 71 |
Impairment losses | — |  |  | — |
Ending balance | $ | 7,541 |  |  | $ | 7,541 |
Changes in the carrying amount of Benchmark's goodwill consisted of the following:
| Years Ended December 31, 2023
| (In thousands)
Beginning balance | $ | — |  |  |
Acquisition of business | 1,449 |  |  |
Impairment losses | — |  |  |
Ending balance | $ | 1,449 |  |  |
The ending balance of goodwill includes no accumulated impairment losses to date. Refer to Note 3 for additional information related to the Benchmark acquisition. Other intangible assets, net consisted of the following:
| December 31, 2023
| Weighted Average Amortization Period |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Book Value
|  |  | (In thousands)
Patents: |  |  |  |  |  |  |
Intellectual property operations | 6 years |  | $ | 341,403 |  |  | $ | (316,114) |  |  | $ | 25,289 |
Industrial operations | 7 years |  | 3,400 |  |  | (1,083) |  |  | 2,317 |
Total patents |  |  | 344,803 |  |  | (317,197) |  |  | 27,606 |
Customer relationships - industrial operations | 7 years |  | 5,300 |  |  | (1,689) |  |  | 3,611 |
Trade name and trademarks - industrial operations | 7 years |  | 3,430 |  |  | (1,091) |  |  | 2,339 |
Total |  |  | $ | 353,533 |  |  | $ | (319,977) |  |  | $ | 33,556 |
| December 31, 2022
| Weighted Average Amortization Period |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Book Value
|  |  | (In thousands)
Patents: |  |  |  |  |  |  |
Intellectual property operations | 6 years |  | $ | 331,403 |  |  | $ | (304,744) |  |  | $ | 26,659 |
Industrial operations | 7 years |  | 3,400 |  |  | (597) |  |  | 2,803 |
Total patents |  |  | 334,803 |  |  | (305,341) |  |  | 29,462 |
Customer relationships - industrial operations | 7 years |  | 5,300 |  |  | (931) |  |  | 4,369 |
Trade name and trademarks - industrial operations | 7 years |  | 3,430 |  |  | (603) |  |  | 2,827 |
Total |  |  | $ | 343,533 |  |  | $ | (306,875) |  |  | $ | 36,658 |
Total other intangible asset amortization expense in the consolidated statements of operations was $13.1 million and $12.1 million for the years ended December 31, 2023 and 2022, respectively. The Company did not record charges related to impairment of other intangible assets for the years ended December 31, 2023 and 2022. There was no accelerated amortization of other intangible assets for the years ended December 31, 2023 and 2022. Intellectual Property Operations amortization of patents is expensed in cost of revenues and Industrial Operations amortization is expensed in general and administrative expenses. The following table presents the scheduled annual aggregate amortization expense (in thousands):
Years Ending December 31, |
2024 | 14,830 |
2025 | 12,485 |
2026 | 3,173 |
2027 | 1,733 |
2028 | 1,335 |
Thereafter | — |
Total | $ | 33,556 |
During the year ended December 31, 2022, ARG entered into an agreement granting ARG the exclusive option to acquire all rights to license and enforce a patent portfolio and all future patents and patent applications, and incurred $15.0 million of certain patent and patent rights costs, of which $6.0 million was paid in 2022 and $9.0 million paid in 2023. The patent costs are included in prepaid expenses and other current assets in the consolidated balance sheet as of December 31, 2023. During the year ended December 31, 2023, ARG accrued certain patent and patent rights acquisition costs, of which $4.0 million is due January 31, 2024. As of December 31, 2023 and 2022, $4.0 million and $9.0 million was accrued, respectively, and included in accrued expenses and other current liabilities (see Note 9).

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