INTANGIBLE ASSETS

The following table presents the gross carrying amount and accumulated amortization of intangible assets as of June 30, 2017:



(In thousands, except weighted average amortization period)	Remaining Weighted Average Amortization Period (Years)	Gross Carrying Amount		Accumulated Amortization			Accumulated Currency Translation Adjustment		Net Book Value
In-place value of market rate revenue contracts	17	$	94,612	$	(9,501	)	$	18	$	85,129

The following table presents the gross carrying amount and accumulated amortization of intangible assets as of December 31, 2016:



(In thousands, except weighted average amortization period)	Remaining Weighted Average Amortization Period (Years)	Gross Carrying Amount		Accumulated Amortization			Accumulated Currency Translation Adjustment			Net Book Value
In-place value of market rate revenue contracts	18	$	93,943	$	(5,932	)	$	(5,561	)	$	82,450

As of June 30, 2017, the Company had revenue contracts in the form of PPAs that were obtained through acquisitions. PPAs are amortized on a straight line basis over the useful life of the agreements, which range from 19 to 25 years. Amortization expense related to revenue contracts is recognized in the unaudited condensed consolidated statements of operations as either a reduction or increase of revenue when the contract rate is above or below market rates (favorable or unfavorable) or within depreciation, accretion and amortization expense when the contract rate is equal to market rates (in-place).

As such, the amortization expense for the three and six months ended June 30, 2017 was $1.2 million and $2.4 million, respectively. For the three and six months ended June 30, 2017, $0.4 million and $0.8 million, respectively, was recorded as a reduction of revenue while the remaining $0.8 million and $1.6 million, respectively, was recorded within the depreciation, accretion, and amortization line item in the unaudited condensed consolidated statement of operations.

During the three months ended June 30, 2017, the Company capitalized $0.7 million of internally developed software. As of June 30, 2017, the software was not ready for its intended use, and as such, there was no amortization charged.