Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Intangible Assets

v3.21.1
Goodwill and Intangible Assets
3 Months Ended
Mar. 31, 2021
Goodwill and Intangible Assets  
Goodwill and Intangible Assets

4.    Goodwill and Intangible Assets

There were no changes to the goodwill carrying value from December 31, 2020 through March 31, 2021. The foreign exchange impact on Goodwill was immaterial for the period.

The following table summarizes the Company’s intangible assets and related accumulated amortization:

(in thousands)

March 31, 2021

    

December 31, 2020

Gross Carrying

Accumulated

Net Carrying

Gross Carrying

Accumulated

Net Carrying

    

Amount

    

Amortization

    

Amount

    

Amount

    

Amortization

    

Amount

Trademarks and brands

11,690

(2,773)

8,917

11,690

(2,562)

9,128

Customer relationships

 

102,220

 

(29,863)

 

72,357

 

102,220

 

(27,720)

 

74,500

Developed technology

 

63,196

 

(27,225)

 

35,971

 

63,210

 

(25,128)

 

38,082

Total intangible assets

$

177,106

$

(59,861)

$

117,245

$

177,120

$

(55,410)

$

121,710

Amortization expense for each of the three months ended March 31, 2021 and March 31, 2020 is $4.5 million.

Estimated future expected amortization expense of intangible assets as of March 31, 2021, is as follows:

(in thousands)

    

    

2021

$

13,395

2022

17,860

2023

17,825

2024

16,205

2025

14,273

2026

9,777

Thereafter

 

27,910

Total

$

117,245

The weighted-average remaining useful life by major asset classes as of March 31, 2021 is as follows:

    

(In years)

Trademarks and brands

 

11

Customer relationships

 

9

Developed technology

 

4

There were no impairments identified during the three months ended March 31, 2021 and March 31, 2020.