16. Goodwill and intangible assets

As of December 31, 2019 the carrying amount of goodwill was $9.4 million. The following is a rollforward of the Company’s goodwill balance (in thousands):


	Goodwill
Balance as of December 31, 2018	$	1,308
Goodwill acquired		8,111
Cumulative translation adjustment		(66)
Balance as of December 31, 2019	$	9,353

Acquired intangible assets consist of the following (dollars in thousands):


		December 31, 2019
		Gross				Cumulative		Net		Weighted
	Estimated Useful	Carrying		Accumulated		Translation		Carrying		Average
	Life (in years)	Value		Amortization		Adjustment		Value		Life Remaining
Know-how	8.5	$	13,000	$	(767)	$	(99)	$	12,134	8.00
Developed technology	7		1,650		(737)		—		913	5.09
Customer relationships	8.5 - 10		1,360		(421)		(1)		938	8.08
Non-compete agreements	5.5		340		(34)		(2)		304	5.00
Trade names	3		50		(32)		—		18	1.09
Total		$	16,400	$	(1,991)	$	(102)	$	14,307


		December 31, 2018
		Gross				Cumulative		Net		Weighted
	Estimated Useful	Carrying		Accumulated		Translation		Carrying		Average
	Life (in years)	Value		Amortization		Adjustment		Value		Life Remaining
Developed technology	7	$	1,650	$	(378)	$	—	$	1,272	6.08
Customer relationships	10		1,250		(209)		—		1,041	9.08
Trade names	3		50		(15)		—		35	2.08
Total		$	2,950	$	(602)	$	—	$	2,348

The Company acquired $13.5 million of intangible assets in the Uman acquisition, of which $13.0 million was assigned to know-how, $0.4 million was assigned to non-compete agreements, and $0.1 million was assigned to customer relationships. The know-how and customer relationships intangible assets are being amortized on a straight-line basis over an 8.5 year amortization period, and the non-compete agreement intangible asset is being amortized on a straight-line basis over a 5.5 year amortization period. In total, the weighted-average amortization period for these intangible assets is 8.4 years.

The Company is currently evaluating the fair value of assets acquired and liabilities assumed from the Uman acquisition, including intangible assets and their related amortization periods. As such, the $13.5 million in intangible assets presented in the table above are provisional and will be finalized in a later period once the fair value procedures are completed.

Know-how consists of the processes and procedures to produce Uman’s products. Customer relationships represent the underlying relationships with certain customers to provide continued product sale opportunities. The Company utilized excess earnings methodology to derive the fair value of the customer relationships. The Company is currently evaluating the fair value of assets acquired and liabilities assumed from the Uman acquisition, including intangible assets and their related amortization periods.

The Company recorded amortization expense of $1.4 million and $0.6 million for the years ended December 31, 2019 and 2018, respectively. No amortization expense was recognized in the year ended December 31, 2017 as the intangible assets are a result of the purchase of Aushon in January 2018 and Uman in July 2019. Amortization of developed technology is recorded within research and development expenses, amortization of customer relationships is recorded within selling, general, and administrative expenses, amortization of trade names is recorded within selling, general, and administrative expenses, amortization of non-compete agreements is recorded within selling, general, and administrative expenses, and amortization of know-how is recorded within cost of goods sold.

Future estimated amortization expense of acquired intangible assets as of December 31, 2019 is as follows (amounts in thousands):


For the Years Ended December 31,	Estimated Amortization Expense
2020	$	2,110
2021		2,013
2022		1,930
2023		1,848
2024		1,733
Thereafter		4,673
	$	14,307