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GOODWILL AND OTHER INTANGIBLE ASSETS, NET | 3 Months Ended
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Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND OTHER INTANGIBLE ASSETS | GOODWILL AND OTHER INTANGIBLE ASSETS, NET The following table presents the changes in the carrying amount of goodwill for the three months ended March 31, 2025. The carrying amount of goodwill was $9.0 million as of March 31, 2024, and there were no changes in the carrying amount of goodwill during the three months ended March 31, 2024.
| March 31, 2025
| Industrial Operations |  | Energy Operations |  | Manufacturing Operations |  | Total
| (In thousands)
Beginning balance | $ | 7,541 |  |  | $ | 1,449 |  |  | $ | 20,349 |  |  | $ | 29,339 |
Effect of foreign currency translation | — |  |  | — |  |  | 56 |  |  | 56 |
Measurement period adjustments | — |  |  | — |  |  | (3,829) |  |  | (3,829) |
Ending balance | $ | 7,541 |  |  | $ | 1,449 |  |  | $ | 16,576 |  |  | $ | 25,566 |
The ending balance of goodwill includes no accumulated impairment losses to date. Refer to Note 3 for additional information related to the Deflecto acquisition and measure period adjustments recorded during the three months ended March 31, 2025. Other intangible assets, net consisted of the following:
| March 31, 2025
| Weighted Average Amortization Period |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Book Value
|  |  | (In thousands)
Patents: |  |  |  |  |  |  |
Intellectual property operations | 5 years |  | $ | 366,402 |  |  | $ | (336,730) |  |  | $ | 29,672 |
Industrial operations | 7 years |  | 3,400 |  |  | (1,691) |  |  | 1,709 |
Total patents |  |  | 369,802 |  |  | (338,421) |  |  | 31,381 |
Customer relationships: |  |  |  |  |  |  |
Industrial operations | 7 years |  | 5,300 |  |  | (2,634) |  |  | 2,666 |
Manufacturing operations | 15 years |  | 22,400 |  |  | (667) |  |  | 21,733 |
Total customer relationships |  |  | 27,700 |  |  | (3,301) |  |  | 24,399 |
Trade name and trademarks: |  |  |  |  |  |  |
Industrial operations | 7 years |  | 3,430 |  |  | (1,707) |  |  | 1,723 |
Manufacturing operations | 10 years |  | 400 |  |  | (18) |  |  | 382 |
Manufacturing operations | Indefinite |  | 8,546 |  |  | — |  |  | 8,546 |
Total trade name and trademarks |  |  | 12,376 |  |  | (1,725) |  |  | 10,651 |
Developed technology - manufacturing operations | 10 years |  | 1,000 |  |  | (45) |  |  | 955 |
Favorable leases - manufacturing operations | 1.9 years |  | 704 |  |  | (351) |  |  | 353 |
Total |  |  | $ | 411,582 |  |  | $ | (343,843) |  |  | $ | 67,739 |
| December 31, 2024
| Weighted Average Amortization Period |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Book Value
|  |  | (In thousands)
Patents: |  |  |  |  |  |  |
Intellectual property operations | 6 years |  | $ | 351,403 |  |  | $ | (332,211) |  |  | $ | 19,192 |
Industrial operations | 7 years |  | 3,400 |  |  | (1,568) |  |  | 1,832 |
Total patents |  |  | 354,803 |  |  | (333,779) |  |  | 21,024 |
Customer relationships: |  |  |  |  |  |  |
Industrial operations | 7 years |  | 5,300 |  |  | (2,446) |  |  | 2,854 |
Manufacturing operations | 15 years |  | 20,200 |  |  | (269) |  |  | 19,931 |
Total customer relationships |  |  | 25,500 |  |  | (2,715) |  |  | 22,785 |
Trade name and trademarks: |  |  |  |  |  |  |
Industrial operations | 7 years |  | 3,430 |  |  | (1,583) |  |  | 1,847 |
Manufacturing operations | 10 years |  | 400 |  |  | (8) |  |  | 392 |
Manufacturing operations | Indefinite |  | 8,009 |  |  | — |  |  | 8,009 |
Total trade name and trademarks |  |  | 11,839 |  |  | (1,591) |  |  | 10,248 |
Developed technology - manufacturing operations | 10 years |  | 1,000 |  |  | (20) |  |  | 980 |
Favorable leases - manufacturing operations | 1.9 years |  | 704 |  |  | (312) |  |  | 392 |
Total |  |  | $ | 393,846 |  |  | $ | (338,417) |  |  | $ | 55,429 |
Total other intangible asset amortization expense in the condensed consolidated statements of operations and comprehensive income (loss) was $5.4 million and $3.9 million for the three months ended March 31, 2025 and 2024, respectively. The Company did not record charges related to impairment of other intangible assets for the three months ended March 31, 2025 and 2024. There was no accelerated amortization of other intangible assets for the three months ended March 31, 2025 and 2024. Intellectual Property Operations amortization of patents was $4.5 million and $3.4 million for the three months ended March 31, 2025 and 2024, respectively, and is expensed in cost of revenues. Industrial Operations amortization of intangible assets was $435,000 and $433,000 for the three months ended March 31, 2025 and 2024, respectively. Manufacturing Operations amortization of intangible assets was $472,000 for the three months ended March 31, 2025. Industrial Operations and Manufacturing Operations amortization of intangible assets is expensed in general and administrative expenses. The following table presents the scheduled annual aggregate amortization expense (in thousands):
Years Ending December 31, |
Remainder of 2025 | $ | 18,853 |
2026 | 11,175 |
2027 | 8,736 |
2028 | 4,586 |
2029 | 2,003 |
2030 | 2,003 |
Thereafter | 11,837 |
Total | $ | 59,193 |
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, which was fully paid in 2023. The patent costs are included in prepaid expenses and other current assets in the condensed consolidated balance sheet as of December 31, 2024. During the three months ended March 31, 2025, ARG exercised the option to acquire all rights to license and enforce the portfolio an

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