Company: ICUI
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0000883984-25-000007
Chunk: 325

Company: ICU MEDICAL INC/DE
Filing Date: 2025-02-27
Form: 10-K
Item: Item 8
Chunk 325
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-contractual customer relationships8554,982 171,279 383,703 Trademarks15,425 5,425 — Trade name1518,251 7,162 11,089 Developed technology10587,852 167,913 419,939 Non-compete39,100 7,450 1,650 Total amortized intangible assets $1,218,889 $386,621 $832,268 Internally developed software*$38,320 $38,320 Total intangible assets$1,257,209 $386,621 $870,588 _______________________________* Internally developed software will be amortized when the projects are complete and the assets are ready for their intended use. Amortization expense was $134.3 million, $132.1 million and $139.4 million in 2024, 2023 and 2022, respectively, of which $1.7 million, $— million, and $0.3 million, respectively, are included in cost of goods sold. As of December 31, 2024, estimated annual amortization for our intangible assets for each of the next five years and thereafter is approximately (in thousands):

71

ICU MEDICAL, INC. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

2025$129,604 2026127,612 2027117,450 2028116,852 2029113,775 Thereafter123,119 Total$728,412 Our intangible assets that are not subject to amortization are reviewed annually for impairment or more often if there are indications of possible impairment. We perform our annual intangible assets impairment test in November of each year. We did not have any intangible asset impairments in 2024, 2023 or 2022.Long-Lived Assets We periodically evaluate the recoverability of long-lived assets whenever events and changes in circumstances indicate that the carrying amount of an asset may not be fully recoverable. When indicators of impairment are present, the carrying values of the assets are evaluated in relation to the operating performance and future undiscounted cash flows of the underlying business. The net book value of the underlying asset is adjusted to fair value if the sum of the expected discounted cash flows is less than book value. Fair values are based on estimates of market prices and assumptions concerning the amount and