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Intangible Assets | 3 Months Ended
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Mar. 31, 2024
Intangible Assets, Net (Excluding Goodwill) [Abstract] |
Intangible Assets | 9. INTANGIBLE ASSETS Intangible assets consisted of the following:
|  |  |  | As of March 31, 2024 |  |  | As of December 31, 2023 |
(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 |  |  | $ | 52,754 |  |  | $ | (15,725 | ) |  | $ | 37,029 |  |  | $ | 54,856 |  |  | $ | (15,943 | ) |  | $ | 38,913 |
Backlog |  | 1.6 |  |  |  | 56,106 |  |  |  | (51,712 | ) |  |  | 4,394 |  |  |  | 57,391 |  |  |  | (52,022 | ) |  |  | 5,369 |
Developed technology |  | 8.5 |  |  |  | 322,176 |  |  |  | (69,549 | ) |  |  | 252,627 |  |  |  | 329,369 |  |  |  | (61,271 | ) |  |  | 268,098 |
Licensed technology |  | 9.0 |  |  |  | 5,900 |  |  |  | (3,961 | ) |  |  | 1,939 |  |  |  | 5,900 |  |  |  | (3,797 | ) |  |  | 2,103 |
Licensing agreements |  | 8.5 |  |  |  | 560 |  |  |  | (378 | ) |  |  | 182 |  |  |  | 560 |  |  |  | (368 | ) |  |  | 192 |
Trade names |  | 3.0 |  |  |  | 29,024 |  |  |  | (18,747 | ) |  |  | 10,277 |  |  |  | 29,689 |  |  |  | (16,379 | ) |  |  | 13,310 |
Total |  |  |  | $ | 466,520 |  |  | $ | (160,072 | ) |  | $ | 306,448 |  |  | $ | 477,765 |  |  | $ | (149,780 | ) |  | $ | 327,985 |
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 2024 and 2023. During the first quarter of 2024, qualitative factors such as a decrease in the Company’s market capitalization, cautious service provider spending due to economic uncertainty and continued customer inventory adjustments triggered a quantitative reassessment of our estimated future undiscounted cash flows for our Network Solutions reporting unit. The Company determined that our estimated future undiscounted cash flows exceeded the carrying value of our Network Solutions reporting unit as of March 31, 2024. Our Services & Support asset group is a stable business with gross margins of 58%, the Company has sufficient cash flows that exceed the carrying value as of March 31, 2024. No impairment losses related to intangible assets were recorded during the three months ended March 31, 2024 and 2023. Amortization expense was $14.6 million and $25.8 million in the three months ended March 31, 2024 and 2023, 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) |  | March 31, 2024 |
2024 |  | $ | 43,396 |
2025 |  |  | 46,346 |
2026 |  |  | 43,089 |
2027 |  |  | 41,725 |
2028 |  |  | 41,578 |
Thereafter |  |  | 90,314 |
Total |  | $ | 306,448 |

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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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