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Intangible Assets | 9 Months Ended
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Sep. 30, 2023
Intangible Assets, Net (Excluding Goodwill) [Abstract] |
Intangible Assets | 10. INTANGIBLE ASSETS Intangible assets consisted of the following:
|  |  |  | As of September 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 |  |  | $ | 53,247 |  |  | $ | (14,490 | ) |  | $ | 38,757 |  |  | $ | 55,517 |  |  | $ | (12,772 | ) |  | $ | 42,745 |
Backlog |  | 1.6 |  |  |  | 55,017 |  |  |  | (49,061 | ) |  |  | 5,956 |  |  |  | 55,782 |  |  |  | (22,725 | ) |  |  | 33,057 |
Developed technology |  | 8.5 |  |  |  | 316,083 |  |  |  | (49,944 | ) |  |  | 266,139 |  |  |  | 320,364 |  |  |  | (21,856 | ) |  |  | 298,508 |
Licensed technology |  | 9.0 |  |  |  | 5,900 |  |  |  | (3,633 | ) |  |  | 2,267 |  |  |  | 5,900 |  |  |  | (3,141 | ) |  |  | 2,759 |
Licensing agreements |  | 8.5 |  |  |  | 560 |  |  |  | (353 | ) |  |  | 207 |  |  |  | 560 |  |  |  | (298 | ) |  |  | 262 |
Patents |  | 7.3 |  |  |  | 500 |  |  |  | (483 | ) |  |  | 17 |  |  |  | 500 |  |  |  | (431 | ) |  |  | 69 |
Trade names |  | 3.0 |  |  |  | 28,461 |  |  |  | (13,109 | ) |  |  | 15,352 |  |  |  | 29,066 |  |  |  | (5,255 | ) |  |  | 23,811 |
Total |  |  |  | $ | 459,768 |  |  | $ | (131,073 | ) |  | $ | 328,695 |  |  | $ | 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. During the third quarter of 2023, the Company's market capitalization and long-term projections decreased which triggered a reassessment of our estimated future undiscounted cash flows. The Company determined that our estimated future undiscounted cash flows exceeded the carrying amount of intangible assets as of September 30, 2023. No quantitative impairment test of long-lived assets was performed as of September 30, 2022. No impairment losses of intangible assets were recorded during the three and nine months ended September 30, 2023 and 2022. Amortization expense was $16.5 million and $20.4 million in the three months ended September 30, 2023 and 2022, respectively, and $68.8 million and $22.2 million in the nine months ended September 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. Estimated future amortization expense of intangible assets is as follows:
|  | As of |
(In thousands) |  | September 30, 2023 |
2023 |  | $ | 13,770 |
2024 |  |  | 56,800 |
2025 |  |  | 45,504 |
2026 |  |  | 42,290 |
2027 |  |  | 40,941 |
Thereafter |  |  | 129,390 |
Total |  | $ | 328,695 |

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- Definition The entire disclosure for all or part of the information related to intangible assets. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//350-30/tableOfContent + Details
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- References No definition available. + Details
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