Annual report pursuant to Section 13 and 15(d)

Intangible Assets

v3.20.4
Intangible Assets
 12 Months Ended
Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets INTANGIBLE ASSETS
The following table summarizes acquired intangible assets at December 31 as follows:
  2020 2019
(In thousands)
Weighted
Average Life
Gross Carrying
Amount
Accumulated
Amortization
Gross Carrying
Amount
Accumulated
Amortization
Patents 11 years $ 2,146  $ 1,891  $ 2,146  $ 1,804 
Non-compete Agreement 4 years 11,082  10,085  11,318  7,696 
Trade Names 10 years 11,512  7,537  11,438  6,550 
Completed and Unpatented Technology 9 years 48,043  25,766  48,201  21,196 
Customer Relationships 15 years 142,478  60,096  142,212  50,776 
Total Intangible Assets 12 years $ 215,261  $ 105,375  $ 215,315  $ 88,022 
Amortization is computed on the straight line method for financial reporting purposes. Amortization expense for intangibles was $17.1 million, $17.6 million and $19.4 million for 2020, 2019 and 2018, respectively. During 2019 there was a $6.2 million impairment of intangible assets as more fully described in Note 23. The amount is classified within Impairment Loss in the Consolidated Statements of Operations.
Based upon acquired intangible assets at December 31, 2020, amortization expense for each of the next five years is estimated to be:
(In thousands)  
2021 $ 15,336 
2022 $ 14,904 
2023 $ 13,871 
2024 $ 12,849 
2025 $ 10,929