| Intangible Assets |
Intangible Assets
The following table summarizes acquired intangible assets as follows:
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July 1, 2023 |
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December 31, 2022 |
| (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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$ |
2,110 |
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$ |
2,146 |
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$ |
2,066 |
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| Non-compete Agreement |
4 years |
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11,082 |
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11,062 |
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11,082 |
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11,052 |
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| Trade Names |
10 years |
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11,417 |
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9,749 |
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11,402 |
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9,350 |
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| Completed and Unpatented Technology |
9 years |
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47,880 |
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37,063 |
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47,855 |
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34,877 |
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| Customer Relationships |
15 years |
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142,180 |
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82,613 |
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142,133 |
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|
77,996 |
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| Total Intangible Assets |
12 years |
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$ |
214,705 |
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$ |
142,597 |
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$ |
214,618 |
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$ |
135,341 |
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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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July 1, 2023 |
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July 2, 2022 |
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July 1, 2023 |
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July 2, 2022 |
Amortization Expense |
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$ |
7,196 |
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$ |
7,526 |
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$ |
3,599 |
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$ |
3,761 |
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Amortization expense for acquired intangible assets expected for 2023 and for each of the next five years is summarized as follows:
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(In thousands) |
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| 2023 |
$ |
13,888 |
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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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| 2028 |
$ |
7,037 |
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