Annual report pursuant to Section 13 and 15(d)

INTANGIBLE ASSETS

v3.22.4
INTANGIBLE ASSETS
 12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS INTANGIBLE ASSETS
The following table summarizes acquired intangible assets at December 31 as follows:
  2022 2021
(In thousands)
Weighted
Average Life
Gross Carrying
Amount
Accumulated
Amortization
Gross Carrying
Amount
Accumulated
Amortization
Patents 11 years $ 2,146  $ 2,066  $ 2,146  $ 1,979 
Non-compete Agreement 4 years 11,082  11,052  11,082  10,592 
Trade Names 10 years 11,402  9,350  11,447  8,518 
Completed and Unpatented Technology 9 years 47,855  34,877  47,932  30,441 
Customer Relationships 15 years 142,133  77,996  142,276  69,033 
Total Intangible Assets 12 years $ 214,618  $ 135,341  $ 214,883  $ 120,563 
Amortization is computed on the straight line method for financial reporting purposes. Amortization expense for intangibles was $14.9 million, $15.4 million and $17.1 million for 2022, 2021 and 2020, respectively.
Based upon acquired intangible assets at December 31, 2022, amortization expense for each of the next five years is estimated to be:
(In thousands)  
2023 $ 13,878 
2024 $ 12,856 
2025 $ 10,935 
2026 $ 9,533 
2027 $ 7,825