Goodwill is recorded when the purchase price of an acquisition exceeds the fair value of the net tangible and identified intangible assets acquired.

The following table represents the changes to goodwill during the nine months ended September 30, 2021 (in thousands):


	Carrying Amount
Balance as of December 31, 2020	$	59,568
Addition from acquisition	58,503
Balance as of September 30, 2021	$	118,071

To date, the Company has zero accumulated impairment loss on goodwill.

Intangible assets are carried at cost less accumulated amortization.

The following tables present details of the Company’s intangible assets as of September 30, 2021 and December 31, 2020 (in thousands, except for weighted average data):


	As of September 30, 2021
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Intangible assets with finite lives
Developed Technology	$	62,059	$	(7,896)	$	54,163
Assembled Workforce	8,500		(250)		8,250
Trade Name	500		(8)		492
Total Intangible Assets	$	71,059	$	(8,154)	$	62,905


	As of December 31, 2020
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Intangible assets with finite lives
Developed Technology	$	42,959	$	(1,206)	$	41,753
Total Intangible Assets	$	42,959	$	(1,206)	$	41,753

The above does not include $0.6 million each of indefinite lived intangible assets as of September 30, 2021 and December 31, 2020.

Amortization expenses are recorded to the appropriate expense categories. Amortization expense was $2.7 million and $6.9 million for the three and nine months ended September 30, 2021, respectively and was immaterial for each of the three and nine months ended September 30, 2020.

See Note 6, “Fair Value Measurements” to the Notes to Condensed Consolidated Financial Statements for more information.

The expected future amortization expenses related to the intangible assets as of September 30, 2021 were as follows (in thousands):



Remainder of 2021	$	3,812
2022	15,249
2023	15,249
2024	14,196
2025	11,786
Thereafter	2,613
Total remaining amortization	$	62,905