Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Intangible Assets

v3.21.2
Goodwill and Intangible Assets
6 Months Ended
Jun. 30, 2021
Goodwill and Intangible Assets  
Goodwill and Intangible Assets

5.    Goodwill and Intangible Assets

There were no changes to the goodwill carrying value from December 31, 2020 through June 30, 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)

June 30, 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

(2,985)

8,705

11,690

(2,562)

9,128

Customer relationships

 

102,220

 

(32,006)

 

70,214

 

102,220

 

(27,720)

 

74,500

Developed technology

 

63,205

 

(29,344)

 

33,861

 

63,210

 

(25,128)

 

38,082

Total intangible assets

$

177,115

$

(64,335)

$

112,780

$

177,120

$

(55,410)

$

121,710

Amortization expense for three months ended June 30, 2021 and June 30, 2020 is $4.4 million and $4.5 million, respectively. Amortization expense related to intangible assets amounted to $8.9 million and $9.0 million for the six months ended June 30, 2021 and June 30, 2020, respectively.

Estimated future expected amortization expense of intangible assets as of June 30, 2021, is as follows:

(in thousands)

    

    

2021

$

8,930

2022

17,860

2023

17,825

2024

16,205

2025

14,273

2026

9,777

Thereafter

 

27,910

Total

$

112,780

The weighted-average remaining useful life by major asset classes as of June 30, 2021 is as follows:

    

(In years)

Trademarks and brands

 

11

Customer relationships

 

8

Developed technology

 

4

There were no impairments identified during the six months ended June 30, 2021 or June 30, 2020.