|9 Months Ended|
Sep. 30, 2020
|Goodwill and Intangible Assets Disclosure [Abstract]|
|Intangible Assets||Intangible Assets
The following table summarizes the components of gross and net intangible asset balances (in thousands):
Finite-lived intangible assets are amortized over their weighted average lives, which are 14 years for technology, 10 years for customer related intangibles, 7 years for trade names, 6 years for internally developed software, 13 years for patents, 2 years for service agreements and 11 years weighted average in total.
Internally developed software consists of $11.1 million relating to costs incurred for development of internal use computer software and $2.2 million for development of software to be sold.
In the third quarter of 2020 we recorded an impairment charge related to intangible assets of $6.7 million of which $6.4 million was recorded within intangibles amortization within cost of revenue and $0.3 million was recorded within intangibles amortization within operating expenses on the Company's income statement. The impairment relates to an end of life decision for an acquired tradename and technology. During the third quarter of 2020, the Company made the decision to discontinue sales of the related product rather than continuing to invest in the product.
Amortization expense related to intangible assets with definite lives was as follows (in thousands):
The amortization expense amounts shown above include internally developed software not held for sale of $24 thousand and $72 thousand for the three and nine months ended September 30, 2020, respectively which is recorded within our income statement as a general and administrative operating expense. The amortization expense amounts shown above include internally developed software held for sale of $27 thousand and $116 thousand for the three and nine months ended September 30, 2020, respectively which is recorded within our income statement as cost of goods sold.
Expected amortization expense related to definite-lived amortizable intangible assets is as follows (in thousands):
The entire disclosure for all or part of the information related to intangible assets.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef