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GOODWILL AND OTHER INTANGIBLE ASSETS, NET | 9 Months Ended
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Sep. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND OTHER INTANGIBLE ASSETS | GOODWILL AND OTHER INTANGIBLE ASSETS, NET Changes in the carrying amount of goodwill consisted of the following:
| Industrial Operations |  | Energy Operations |  | Manufacturing Operations |  | Total
| (In thousands)
Balance at December 31, 2024 | $ | 7,541 |  |  | $ | 1,449 |  |  | $ | 20,349 |  |  | $ | 29,339 |
Effect of foreign currency translation | — |  |  | — |  |  | 185 |  |  | 185 |
Measurement period adjustments | — |  |  | — |  |  | (3,829) |  |  | (3,829) |
Impairment losses | — |  |  | — |  |  | — |  |  | — |
Balance at September 30, 2025 | $ | 7,541 |  |  | $ | 1,449 |  |  | $ | 16,705 |  |  | $ | 25,695 |
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 measurement period adjustments recorded during the nine months ended September 30, 2025. Other intangible assets, net consisted of the following:
| September 30, 2025
| Weighted Average Amortization Period |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Book Value
|  |  | (In thousands)
Patents: |  |  |  |  |  |  |
Intellectual property operations | 5 years |  | $ | 366,402 |  |  | $ | (347,429) |  |  | $ | 18,973 |
Industrial operations | 7 years |  | 3,400 |  |  | (1,933) |  |  | 1,467 |
Total patents |  |  | 369,802 |  |  | (349,362) |  |  | 20,440 |
Customer relationships: |  |  |  |  |  |  |
Industrial operations | 7 years |  | 5,300 |  |  | (3,014) |  |  | 2,286 |
Manufacturing operations | 15 years |  | 22,387 |  |  | (1,384) |  |  | 21,003 |
Total customer relationships |  |  | 27,687 |  |  | (4,398) |  |  | 23,289 |
Trade name and trademarks: |  |  |  |  |  |  |
Industrial operations | 7 years |  | 3,430 |  |  | (1,950) |  |  | 1,480 |
Manufacturing operations | 10 years |  | 398 |  |  | (38) |  |  | 360 |
Manufacturing operations | Indefinite |  | 8,695 |  |  | — |  |  | 8,695 |
Total trade name and trademarks |  |  | 12,523 |  |  | (1,988) |  |  | 10,535 |
Developed technology - manufacturing operations | 10 years |  | 1,000 |  |  | (95) |  |  | 905 |
Favorable leases - manufacturing operations | 1.9 years |  | 703 |  |  | (414) |  |  | 289 |
Total |  |  | $ | 411,715 |  |  | $ | (356,257) |  |  | $ | 55,458 |
| 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 consolidated statements of operations and comprehensive income (loss) was $6.1 million and $5.1 million for the three months ended September 30, 2025 and 2024, respectively, and $17.8 million and $12.7 million for the nine months ended September 30, 2025 and 2024, respectively. The Company did not record charges related to impairment of other intangible assets for the nine months ended September 30, 2025 and 2024. There was no accelerated amortization of other intangible assets for the nine months ended September 30, 2025 and 2024. Intellectual Property Operations amortization of patents was $5.3 million and $4.7 million for the three months ended September 30, 2025 and 2024, respectively, and $15.2 million and $11.4 million for the nine months ended September 30, 2025 and 2024, respectively. Intellectual Property Operations amortization of patents is expensed in cost of revenues. Industrial Operations amortization of intangible assets was $432,000 and $433,000 for the three months ended September 30, 2025 and 2024, respectively, and $1.3 million for each of the nine months ended September 30, 2025 and 2024. Manufacturing Operations amortization of intangible assets was $423,000 and $1.3 million for the three and nine months ended September 30, 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 | $ | 6,160 |
2026 | 10,937 |
2027 | 8,478 |
2028 | 4,211 |
2029 | 1,628 |
2030 | 1,628 |
Thereafter | 13,721 |
Total | $ | 46,763 |
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 consolidated balance sheet as of December 31, 2024. During the nine months ended September 30, 2025, ARG exercised the option to acquire all rights to license and enforce the portfolio and capitalized $15.0 million in patent and patent rights costs.

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