Company: ICUI
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0000883984-25-000007
Chunk: 203

Company: ICU MEDICAL INC/DE
Filing Date: 2025-02-27
Form: 10-K
Item: Item 1
Chunk 203
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_______________________________(1)    Relates to Smiths Medical acquired on January 6, 2022 (see Note 2: Acquisitions).(2)    Reflects a measurement period adjustment related to the 2021 acquisition of a small foreign infusion systems supplier.(3)    Relates to the sale of a certain line of infusion products in China.Intangible Assets Intangible assets, carried at cost less accumulated amortization and amortized on a straight-lined basis, were as follows (in thousands):

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

 Weighted-Average Amortization Lifein YearsDecember 31, 2024 CostAccumulatedAmortizationNetPatents10$36,811 $22,913 $13,898 Customer contracts129,818 6,994 2,824 Non-contractual customer relationships8546,404 236,267 310,137 Trademarks15,425 5,425 — Trade name1518,239 8,357 9,882 Developed technology(1)10619,540 227,869 391,671 Non-compete39,100 9,100 —     Total amortized intangible assets $1,245,337 $516,925 $728,412 Internally developed software(2)$12,377 $12,377 Total intangible assets$1,257,714 $516,925 $740,789 _______________________________(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. Weighted-Average Amortization Lifein YearsDecember 31, 2023 CostAccumulatedAmortizationNetPatents10$33,261 $20,637 $12,624 Customer contracts1210,018 6,755 3,263 Non-contractual customer relationships8554,982 171,279 383,703 Trademarks15,425 5,