Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Changes in the carrying amount of goodwill for the nine months ended September 30, 2021 and the year ended December 31, 2020 were as follows:


(in thousands)	September 30, 2021	December 31, 2020
Beginning balance	$6,925	$6,323
Foreign currency translation	(356)	602
Ending balance	$6,569	$6,925

The Company’s intangible assets at September 30, 2021 and December 31, 2020 consisted of the following:


	September 30, 2021			December 31, 2020
(in thousands)	Gross Carrying Amount	Accumulated Amortization	Net		Gross Carrying Amount	Accumulated Amortization	Net
Intangible assets with finite lives:
Developed technology	$798,198	($283,880)	$514,318		$798,260	($254,629)	$543,631
Customer relationships	20,145	(6,835)	13,310		19,072	(4,042)	15,030
Software	10,946	(9,965)	981		10,865	(9,693)	1,172
Trade name	3,738	(374)	3,364		—	—	—
Other	100	(87)	13		100	(75)	25
Total intangible assets with finite lives	833,127	(301,141)	531,986		828,297	(268,439)	559,858
Intangible assets with indefinite lives:
Trade name	23,400	—	23,400		27,343	—	27,343
Service provider network	2,000	—	2,000		2,000	—	2,000
Total intangible assets with indefinite lives	25,400	—	25,400		29,343	—	29,343
Total intangible assets	$858,527	($301,141)	$557,386		$857,640	($268,439)	$589,201

During the three months ended September 30, 2021, the Company reclassified $3.7 million of trade name to finite-lived intangibles as the Company began marketing Tecnidex under the AgroFresh trade name. The Tecnidex trade name is still held as a defensive asset and is being amortized over its estimated useful life of 2.5 years, resulting in $0.4 million of amortization expense recognized during the three months ended September 30, 2021.

At September 30, 2021, the weighted-average amortization periods remaining for developed technology, customer relationships, software, trade name and other was 13.8, 10.7, 2.1, 2.3 and 0.8 years, respectively, and the weighted-average amortization periods remaining for these finite-lived intangible assets was 13.6 years.

Estimated annual amortization expense for finite-lived intangible assets subsequent to September 30, 2021 is as follows:


(in thousands)			Amount
2021 (remaining)			$10,729
2022			42,619
2023			42,503
2024			40,845
2025			40,621
Thereafter			354,669
Total			$531,986

Amortization expense for intangible assets was $10.8 million and $11.0 million for the three months ended September 30, 2021 and 2020, respectively and $32.1 million and $32.9 million for the nine months ended September 30, 2021 and 2020, respectively.