Company: ICUI
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0000883984-25-000016
Chunk: 117

Company: ICU MEDICAL INC/DE
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 8
Chunk 117
---
789 _______________________________(1)    Developed technology primarily consists acquired patented technologies and internally developed software. Upon completion of development, the assets will be amortized over their estimated useful lives. (2)    Internally developed software will be reclassified to developed technology and amortized when the projects are complete and the assets are ready for their intended use. During 2024, we reclassified $33.2 million to developed technology.Intangible assets with definite lives are amortized on a straight-line basis over their estimated useful lives. Intangible asset amortization expense was $32.6 million and $33.1 million during the three months ended March 31, 2025 and 2024, respectively, of which $1.0 million and $0.0 million, respectively, are included in cost of goods sold.As of March 31, 2025 estimated annual amortization for our intangible assets for each of the next five years and thereafter is approximately (in thousands):

27

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

Remainder of 2025$96,924 2026129,911 2027118,732 2028118,134 2029115,048 203052,618 Thereafter71,577 Total$702,944 

Note 16:      Accrued Liabilities and Other Long-Term Liabilities

    Accrued liabilities consist of the following (in thousands): As of March 31, 2025December 31, 2024Salaries and benefits$71,756 $60,815 Incentive compensation29,124 59,445 Operating lease liability-ST13,472 15,695 Accrued sales taxes and other taxes7,201 9,013 Restructuring accrual8,522 9,945 Deferred revenue32,485 30,358 Italy medical device payback provision(1)25,530 23,937 Legal accrual3,159 3,425 Distribution fees14,072 16,548 Warranties and returns4,070 4,094 Field service corrective action(2)29,291 32,844 Accrued freight9,413 13,206 Foreign exchange contracts4,335 7,391 Acc