Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLE ASSETS

12. GOODWILL AND OTHER INTANGIBLE ASSETS

The following table sets forth the changes in the carrying amount of goodwill for the six months ended June 30, 2021:

(Amounts in thousands)	Total
Balance at December 31, 2020	$	64,898
2021 Acquisitions		37,317
Balance at June 30, 2021	$	102,215

The following table sets forth the gross carrying amounts and accumulated amortization of the Company’s intangible assets as of June 30, 2021 and December 31, 2020:

(Amounts in thousands)	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Definite-lived intangible assets:
Trade names	$	5,974	$	(1,350	)	$	4,624
Licenses		350		(34	)		316
Technology		39,350		(10,304	)		29,046
Customer relationships		21,201		(5,485	)		15,716
Intellectual property		3,730		(673	)		3,057
Noncompete		937		(508	)		429
Total definite-lived intangible assets at December 31, 2020	$	71,542	$	(18,354	)	$	53,188
Trade names	$	5,974	$	(1,808	)	$	4,166
Licenses		69		(69	)		—
Technology		39,350		(13,584	)		25,766
Customer relationships		21,201		(7,404	)		13,797
Intellectual property		7,232		(1,182	)		6,050
Noncompete		937		(742	)		195
Capitalized software		1,329		(30	)		1,299
Total definite-lived intangible assets at June 30, 2021	$	76,092	$	(24,819	)	$	51,273

Amortization expense of intangible assets was $3.17 million and $2.62 million for the three months ended June 30, 2021 and 2020, respectively, and $6.47 million and $5.23 million for the six months ended June 30, 2021 and 2020, respectively. During the six months ended June 30, 2021, the Company impaired obsolete software that was replaced during the year. Impairment expense for the three and six months ended June 30, 2021 was $0.28 million. There was no impairment expense for the three and six months ended June 30, 2020. The Company’s amortization is generally based on no residual value using the straight-line amortization method as it best represents the benefit of the intangible assets. However, capitalized software is amortized using the greater of (1) the net realizable value test, which is based on the proportion of current gross revenues to the total of current and estimated future gross revenues for the project or (2) straight-line amortization. The following table sets forth the weighted-average amortization period, in total and by major intangible asset class:

Asset Class	Weighted- Average Amortization period
Trade names		6.8 years
Licenses		5.0 years
Technology		6.0 years
Customer relationships		5.7 years
Intellectual property		6.5 years
Noncompete		2.0 years
Capitalized software		4.7 years
All Intangible assets		6.0 years

As of June 30 2021, the expected amortization expense for the unamortized acquired intangible assets for the next five years and thereafter was as follows:

(Amounts in thousands)	Estimated
Remainder of 2021	$	6,513
2022		12,687
2023		12,602
2024		10,493
2025		5,159
2026		2,326
Thereafter		1,493
Total	$	51,273