Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

(6) Goodwill and Intangible Assets

The following table summarizes the activity related to goodwill (in thousands):

	September 30,
		2021			2020
Balance at the beginning of the period, gross	$	4,980		$	4,980
Accumulated impairment at the beginning of the period		(1,003	)		(1,003	)
Goodwill from acquisitions		2,168			-
Balance at the end of the period	$	6,145		$	3,977

During the nine months ended September 30, 2021, the Company recorded goodwill of $1.9 million related to the acquisition of Optelian and $0.2 million related to the acquisition of RIFT, which was allocated to the Americas reporting unit. Refer to Note 2 Business Combinations for further information. The accumulated impairment of goodwill was $1.0 million as of both September 30, 2021 and 2020.

Intangible assets consisted of the following (in thousands):

	September 30, 2021
	Gross Carrying Amount		Accumulated Amortization			Net
Developed technology	$	5,007	$	(3,371	)	$	1,636
Customer relationships		5,730		(2,730	)	$	3,000
In-process research and development		890		(118	)	$	772
Total intangible assets, net	$	11,627	$	(6,218	)	$	5,409

	December 31, 2020
	Gross Carrying Amount		Accumulated Amortization			Net
Developed technology	$	3,060	$	(2,652	)	$	408
Customer relationships		5,240		(2,271	)	$	2,969
Total intangible assets, net	$	8,300	$	(4,923	)	$	3,377

During the nine months ended September 30, 2021, the Company recorded $1.9 million, $0.5 million and $0.9 million in developed technology, customer relationships and in-process research and development, respectively, related to the acquisitions of Optelian and RIFT. Refer to Note 2 Business Combinations for further information.

The following table summarizes the activity related to intangible assets, net (in thousands):

	September 30, 2021
	2021			2020
Balance at the beginning of the period	$	3,377		$	12,381
Intangible assets from acquisitions		3,327			-
Less: amortization expense		(1,295	)		(2,331	)
Foreign exchange impact		-			294
Balance at the end of the period	$	5,409		$	10,344

Amortization expense associated with intangible assets for the nine months ended September 30, 2021 and 2020 was $1.3 million and $2.3 million, respectively.

The following table presents the future amortization expense of the Company’s intangible assets as of September 30, 2021 (in thousands):

Remainder of 2021	$	294
2022		1,177
2023		1,177
2024		1,177
2025		1,177
Thereafter		407
Total	$	5,409