| Intangible Assets |
Intangible Assets
The following table summarizes acquired intangible assets as follows:
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July 2, 2022 |
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December 31, 2021 |
| (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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|
$ |
2,022 |
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$ |
2,146 |
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$ |
1,979 |
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| Non-compete Agreement |
4 years |
|
11,082 |
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|
10,845 |
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|
11,082 |
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|
10,592 |
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| Trade Names |
10 years |
|
11,384 |
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|
8,947 |
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|
11,447 |
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|
8,518 |
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| Completed and Unpatented Technology |
9 years |
|
47,824 |
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|
32,682 |
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47,932 |
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30,441 |
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| Customer Relationships |
15 years |
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142,071 |
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73,373 |
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142,276 |
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|
69,033 |
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| Total Intangible Assets |
12 years |
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$ |
214,507 |
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$ |
127,869 |
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$ |
214,883 |
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$ |
120,563 |
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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) |
|
July 2, 2022 |
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July 3, 2021 |
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July 2, 2022 |
|
July 3, 2021 |
Amortization Expense |
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$ |
7,526 |
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$ |
7,712 |
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$ |
3,761 |
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$ |
3,857 |
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Amortization expense for acquired intangible assets expected for 2022 and for each of the next five years is summarized as follows:
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(In thousands) |
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| 2022 |
$ |
14,923 |
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| 2023 |
$ |
13,878 |
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| 2024 |
$ |
12,856 |
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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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