Intangible Assets, Goodwill and Other Assets

6 Months Ended

Jun. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, Goodwill and Other Assets

Intangible Assets, Goodwill and Other Assets

(a) Intangible Assets

Intangible assets consisted of the following (in thousands, except for weighted average amortization period):

	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted Average Amortization Period in Years
June 30, 2020
Customer relationships	$	125,423	$	(16,574)	$	108,849	11.6
Trade names	1,400		(245)		1,155		2.5
Intellectual property	27,700		(13,271)		14,429		3.7
Total	$	154,523	$	(30,090)	$	124,433

	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted Average Amortization Period in Years
December 31, 2019
Customer relationships	$	135,290	$	(21,637)	$	113,653	12.1
Trade names	1,536		(147)		1,389		3.0
Intellectual property	27,700		(10,893)		16,807		3.7
Total	$	164,526	$	(32,677)	$	131,849

Amortization expense of intangible assets is expected to approximate the following (in thousands):

Year ending December 31,	Amortization
2020 (excluding the six months ended June 30, 2020)	$	7,240
2021	14,247
2022	14,235
2023	11,405
2024	10,330
Thereafter	66,976
Total	$	124,433

For the three months ended June 30, 2020 and 2019, amortization expense related to intangible assets was $3.7 million and $2.3 million, respectively.

For the six months ended June 30, 2020 and 2019, amortization expense related to intangible assets was $7.4 million and $4.7 million, respectively.

(b) Goodwill

As a result of adjustments relating to the Accent acquisition, the changes in the carrying amount of goodwill were as follows (in thousands):

Balance at December 31, 2019	$	599,351
Accent acquisition - Adjustment	(4,790)
Balance at June 30, 2020	$	594,561

(c) Other Assets

Included in Other assets is a Level 1 equity investment with a cost basis of $7.4 million. As of June 30, 2020 and December 31, 2019, the fair value measurement of the equity instrument was $10.8 million and $7.9 million, respectively. There were no sales, settlements issuances or transfers related to this level 1 instrument.

The Company recorded net unrealized gains of $2.2 million and $2.9 million for the three and six months ended June 30, 2020, respectively. There were no realized or unrealized gains in the

three and six months ended June 30, 2019. These gains are reflected as a component of Other income in the accompanying Consolidated Statements of Income.