Intangible Assets and Goodwill

6 Months Ended

Jun. 30, 2023

Intangible Assets and Goodwill

Intangible Assets and Goodwill

8. Intangible Assets and Goodwill

The gross carrying amount and accumulated amortization of the Company’s acquired identifiable intangible assets as of June 30, 2023 were as follows (in thousands):

	Weighted Average	Gross Carrying		Accumulated
	Amortization Period	Amount		Amortization		Total
Acquired technology	14 years	$	104,406		(16,675)	$	87,731
Dry stack electrolyzer technology	10 years		29,000		(3,867)		25,133
Customer relationships, trade name and other	13 years		103,449		(17,230)		86,219
		$	236,855	$	(37,772)	$	199,083

The gross carrying amount and accumulated amortization of the Company’s acquired identifiable intangible assets as of December 31, 2022 were as follows (in thousands):

	Weighted Average	Gross Carrying		Accumulated
	Amortization Period	Amount		Amortization		Total
Acquired technology	14 years	$	104,221	$	(12,754)	$	91,467
Dry stack electrolyzer technology	10 years		29,000		(2,417)		26,583
Customer relationships, trade name and other	13 years		102,521		(12,846)		89,675
		$	235,742	$	(28,017)	$	207,725

The change in the gross carrying amount of the acquired technology from December 31, 2022 to June 30, 2023 was due to changes in foreign currency translation.

Amortization expense for acquired identifiable intangible assets for the three months ended June 30, 2023 and 2022 was $4.8 million and $5.2 million, respectively. Amortization expense for acquired identifiable intangible assets for the six months ended June 30, 2023 and 2022 was $9.8 million and $10.4 million, respectively.

The estimated amortization expense for subsequent years is as follows (in thousands):

Remainder of 2023	$	9,569
2024		19,076
2025		18,300
2026		16,707
2027		16,699
2028 and thereafter		118,732
Total	$	199,083

Goodwill was $250.0 million and $248.6 million as of June 30, 2023 and December 31, 2022, which increased due to foreign currency translation adjustments for goodwill associated with our international subsidiaries. 

The change in the carrying amount of goodwill for the six months ended June 30, 2023 was as follows (in thousands):

Beginning balance at December 31, 2022	$	248,607
Foreign currency translation adjustment		1,358
Ending balance at June 30, 2023	$	249,965