Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets

v3.21.2
Intangible Assets
9 Months Ended
Sep. 30, 2021
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):
  September 30, 2021 December 31, 2020
  Gross
Carrying
Amount
Accumulated
Impairment
Accumulated
Amortization
Net Book
Value
Gross
Carrying
Amount
Accumulated
Impairment
Accumulated
Amortization
Net Book
Value
Intangible assets with definite lives:
Technology $ 109,885  $ (12,453) $ (68,245) $ 29,187  $ 112,138  $ (12,480) $ (64,203) $ 35,455 
Customer related 91,907  (50) (56,703) 35,154  94,526  (50) (51,247) 43,229 
Trade names 46,348  (3,575) (35,895) 6,878  47,058  (3,677) (31,890) 11,491 
Internally developed software 13,281  —  (12,961) 320  13,281  —  (12,845) 436 
Patents 2,735  (133) (2,602) —  2,810  (133) (2,677) — 
Service agreements 1,190  —  (1,149) 41  1,190  —  (1,119) 71 
Definite-lived intangible assets $ 265,346  $ (16,211) $ (177,555) $ 71,580  $ 271,003  $ (16,340) $ (163,981) $ 90,682 
Intangible assets with indefinite lives:
Intellectual Property $ 2,022  $ —  $ —  $ 2,022  $ 2,059  $ —  $ —  $ 2,059 
Total intangible assets $ 267,368  $ (16,211) $ (177,555) $ 73,602  $ 273,062  $ (16,340) $ (163,981) $ 92,741 

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.
Amortization expense related to intangible assets with definite lives was as follows (in thousands):
  Three Months Ended
September 30,
Nine Months Ended
September 30,
  2021 2020 2021 2020
Technology $ 1,686  $ 8,162  $ 5,259  $ 11,572 
Customer related 2,168  2,204  6,904  6,468 
Trade names 1,459  1,767  4,431  4,700 
Internally developed software 24  51  116  188 
Service agreements 10  10  30  30 
Total amortization $ 5,347  $ 12,194  $ 16,740  $ 22,958 

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, 2021, 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 zero and $44 thousand for the three and
nine months ended September 30, 2021, 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):
Three months ending December 31, 2021 $ 5,300 
2022 17,837 
2023 15,066 
2024 13,144 
2025 12,532 
2026 2,414 
Thereafter 5,287 
Total expected amortization expense $ 71,580