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Intangible Assets
 6 Months Ended
Jun. 30, 2023
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
Intangible Assets

10. INTANGIBLE ASSETS

Intangible assets consisted of the following:

 

 

 

 

As of June 30, 2023

 

 

As of December 31, 2022

 

(In thousands)

Weighted Average Useful Life
(in years)

 

 

Gross Carrying Amount

 

 

Accumulated Amortization

 

 

Net Book Value

 

 

Gross Carrying Amount

 

 

Accumulated Amortization

 

 

Net Book Value

 

Customer relationships

 

10.9

 

 

$

54,328

 

 

$

(13,393

)

 

$

40,935

 

 

$

55,517

 

 

$

(12,772

)

 

$

42,745

 

Backlog

 

1.6

 

 

 

56,740

 

 

 

(48,169

)

 

 

8,571

 

 

 

55,782

 

 

 

(22,725

)

 

 

33,057

 

Developed technology

 

8.5

 

 

 

325,729

 

 

 

(41,500

)

 

 

284,229

 

 

 

320,364

 

 

 

(21,856

)

 

 

298,508

 

Licensed technology

 

9.0

 

 

 

5,900

 

 

 

(3,469

)

 

 

2,431

 

 

 

5,900

 

 

 

(3,141

)

 

 

2,759

 

Licensing agreements

 

8.5

 

 

 

560

 

 

 

(335

)

 

 

225

 

 

 

560

 

 

 

(298

)

 

 

262

 

Patents

 

7.3

 

 

 

500

 

 

 

(466

)

 

 

34

 

 

 

500

 

 

 

(431

)

 

 

69

 

Trade names

 

3.0

 

 

 

29,352

 

 

 

(10,693

)

 

 

18,659

 

 

 

29,066

 

 

 

(5,255

)

 

 

23,811

 

     Total

 

 

 

$

473,109

 

 

$

(118,025

)

 

$

355,084

 

 

$

467,689

 

 

$

(66,478

)

 

$

401,211

 

Intangible assets are reviewed for impairment whenever events and circumstances indicate impairment may have occurred. The Company assessed impairment triggers related to intangible assets during each financial period in 2023 and 2022. As a result, no quantitative impairment test of long-lived assets was performed as of June 30, 2023 and 2022, and no impairment losses of intangible assets were recorded during the three and six months ended June 30, 2023 and 2022.

Amortization expense was $26.5 million and $0.9 million in the three months ended June 30, 2023 and 2022, respectively, and $52.3 million and $1.8 million in the six months ended June 30, 2023 and 2022, respectively and was included in cost of revenue, selling, general and administrative expenses and research and development expenses in the Condensed Consolidated Statements of (Loss) Income.

Estimated future amortization expense of intangible assets is as follows:

 

 

 

As of

 

(In thousands)

 

June 30, 2023

 

2023

 

$

30,683

 

2024

 

 

58,478

 

2025

 

 

46,835

 

2026

 

 

43,554

 

2027

 

 

42,180

 

Thereafter

 

 

133,354

 

     Total

 

$

355,084