Intangible Assets, net

6 Months Ended

Jun. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

The following tables present the detail of intangible assets as of the dates presented (in thousands):


	June 30, 2021
	Cost		Accumulated Amortization		Net
Trade names and trademarks	$	36,500	$	(6,389)	$	30,111
Software	34,431		(13,733)		20,698
Intangibles-in-progress	11,945		—		11,945
Developed technology	86,064		(76,744)		9,320
Customer relationships	87,600		(79,557)		8,043
Purchased content	51,360		(50,115)		1,245
Total	$	307,900	$	(226,538)	$	81,362


	December 31, 2020
	Cost		Accumulated Amortization		Net
Trade names and trademarks	$	36,500	$	(3,822)	$	32,678
Software	28,515		(11,483)		17,032
Developed technology	86,064		(70,270)		15,794
Customer relationships	87,600		(73,301)		14,299
Intangibles-in-progress	11,863		—		11,863
Purchased content	47,930		(44,829)		3,101
Total	$	298,472	$	(203,705)	$	94,767

Amortization expense recorded for intangible assets for the three months ended June 30, 2021 and 2020 was $13.4 million and $13.1 million, respectively, and $26.3 million and $24.9 million for the six months ended June 30, 2021 and 2020, respectively. Amortization expense for trade names and trademarks and customer relationships intangible assets is included in sales and marketing expenses. Amortization expense for all other intangible assets is included in cost of revenue.

We did not record any impairment costs related to our intangible assets for the six months ended June 30, 2021. For the six months ended June 30, 2020, we recognized a non-cash impairment charge of $71.5 million related to our Trulia trade names and trademarks intangible asset, which historically had not been subject to amortization. The impairment charge is included in impairment costs within our IMT and Mortgages segments. In March 2020, we identified factors directly related to the COVID-19 pandemic that led us to conclude it was more likely than not that the $108.0 million carrying value of the asset exceeded its fair value. Accordingly, with the assistance of a third-party valuation specialist, we performed a quantitative analysis to determine the fair value of the intangible asset and concluded that our best estimate of its fair value was $36.5 million. The remaining carrying value of the intangible asset is amortized on an accelerated basis commensurate with the projected cash flows expected to be generated by the intangible asset over a useful life of 10 years. For additional details regarding this impairment, see Note 11 in the Notes to Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020.