Goodwill

9 Months Ended

Sep. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL

12. GOODWILL

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

(Amounts in thousands)	Total
Balance at December 31, 2020	$	64,898
2021 Acquisitions		38,706
Balance at September 30, 2021	$	103,604

The following table sets forth the gross carrying amounts and accumulated amortization of the Company’s intangible assets as of September 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	$	(2,037	)	$	3,936
Licenses		69		(69	)		—
Technology		39,350		(15,222	)		24,128
Customer relationships		21,201		(8,365	)		12,836
Intellectual property		7,232		(1,457	)		5,775
Noncompete		937		(859	)		78
Capitalized software		1,329		(48	)		1,282
Total definite-lived intangible assets at September 30, 2021	$	76,092	$	(28,057	)	$	48,035

Amortization expense of intangible assets was $3.22 million and $2.62 million for the three months ended September 30, 2021 and 2020, respectively, and $9.67 million and $7.85 million for the nine months ended September 30, 2021 and 2020, respectively. During the nine months ended September 30, 2021, the Company impaired obsolete software that was replaced during the year. Impairment expense for the three and nine months ended September 30, 2021 was $0.28 million. There was no impairment expense for the three and nine months ended September 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 greater of the (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 September, 30 2021, assuming no additional amortizable intangible assets, 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	$	4,234
2022		12,689
2023		12,576
2024		10,494
2025		4,688
2026		2,057
Thereafter		1,297
Total	$	48,035