| Intangible Assets |
Intangible Assets
The following table summarizes acquired intangible assets as follows:
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June 29, 2024 |
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December 31, 2023 |
| (In thousands) |
Weighted
Average Life
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Gross Carrying
Amount
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Accumulated
Amortization
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Gross Carrying
Amount
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Accumulated
Amortization
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| Patents |
11 years |
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$ |
2,146 |
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$ |
2,146 |
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$ |
2,146 |
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$ |
2,146 |
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| Non-compete Agreement |
4 years |
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11,082 |
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11,082 |
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11,082 |
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|
11,072 |
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| Trade Names |
10 years |
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11,403 |
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|
10,162 |
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11,426 |
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|
9,973 |
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| Completed and Unpatented Technology |
9 years |
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47,857 |
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40,795 |
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47,896 |
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38,961 |
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| Customer Relationships |
15 years |
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142,137 |
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91,597 |
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142,208 |
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|
87,186 |
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| Total Intangible Assets |
13 years |
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$ |
214,625 |
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$ |
155,782 |
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$ |
214,758 |
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$ |
149,338 |
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All acquired intangible assets other than goodwill and one trade name are being amortized. Amortization expense for acquired intangibles is summarized as follows:
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Six Months Ended |
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Three Months Ended |
(In thousands) |
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June 29, 2024 |
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July 1, 2023 |
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June 29, 2024 |
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July 1, 2023 |
Amortization Expense |
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$ |
6,539 |
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$ |
7,196 |
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$ |
3,269 |
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$ |
3,599 |
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Amortization expense for acquired intangible assets expected for 2024 and for each of the next five years is summarized as follows:
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(In thousands) |
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| 2024 |
$ |
12,863 |
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| 2025 |
$ |
10,935 |
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| 2026 |
$ |
9,533 |
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| 2027 |
$ |
7,825 |
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| 2028 |
$ |
7,037 |
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| 2029 |
$ |
5,664 |
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