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GOODWILL AND INTANGIBLE ASSETS | 9 Months Ended
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Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND INTANGIBLE ASSETS | GOODWILL AND INTANGIBLE ASSETS The Company’s goodwill as of September 30, 2024 and December 31, 2023 was as follows:
Goodwill | September 30, 2024 |  | December 31, 2023
| (In thousands)
Goodwill, beginning of period | $ | 214,562 |  |  | $ | 213,559 |
Currency translation adjustment | (270) |  |  | 1,003 |
Goodwill, end of period | $ | 214,292 |  |  | $ | 214,562 |
The Company’s purchased intangible assets as of September 30, 2024 and December 31, 2023 were as follows:
| September 30, 2024 |  | December 31, 2023
| Gross |  |  |  | Accumulated Amortization |  |  |  | Net |  | Gross |  |  |  |  |  | Accumulated Amortization |  | Impairment |  | Net
| (In thousands)
Intangible assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other indefinite-lived intangibles | $ | 286 |  |  |  |  | $ | — |  |  |  |  | $ | 286 |  |  | $ | 286 |  |  |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | 286 |
Intangible assets with finite lives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Developed technology | 51,054 |  |  |  |  | (34,118) |  |  |  |  | 16,936 |  |  | 51,044 |  |  |  |  |  |  | (27,093) |  |  | — |  |  | 23,951 |
Customer relationships | 51,306 |  |  |  |  | (34,248) |  |  |  |  | 17,058 |  |  | 55,106 |  |  |  |  |  |  | (29,527) |  |  | (3,807) |  |  | 21,772 |
Trade names | 37,700 |  |  |  |  | (20,828) |  |  |  |  | 16,872 |  |  | 37,700 |  |  |  |  |  |  | (15,173) |  |  | — |  |  | 22,527 |
Total purchased intangible assets | $ | 140,346 |  |  |  |  | $ | (89,194) |  |  |  |  | $ | 51,152 |  |  | $ | 144,136 |  |  |  |  |  |  | $ | (71,793) |  |  | $ | (3,807) |  |  | $ | 68,536 |
During the nine months ended September 30, 2024, intangible assets increased by less than $0.1 million due to the impact of foreign currency translation. Amortization expense related to finite-lived intangible assets were as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023 |  |
| (In thousands)
Developed technology | $ | 2,100 |  |  | $ | 2,456 |  |  | $ | 7,025 |  |  | $ | 7,366 |  |  |
Customer relationships | 1,578 |  |  | 2,456 |  |  | 4,721 |  |  | 7,364 |  |  |
Trade names | 1,885 |  |  | 1,885 |  |  | 5,655 |  |  | 5,655 |  |  |
Total amortization expense | $ | 5,563 |  |  | $ | 6,797 |  |  | $ | 17,401 |  |  | $ | 20,385 |  |  |
Amortization of developed technology is recorded to cost of revenues, amortization of customer relationships and trade names are recorded to sales and marketing expense, and amortization of certain customer relationships is recorded as a reduction to revenue. Finite-lived intangible assets are tested for impairment whenever an event occurs or circumstances indicate that the carrying amount of an asset (asset group) may not be recoverable. An impairment loss is recognized when the carrying amount of an asset group exceeds the estimated undiscounted cash flows. As of September 30, 2024, the balance of customer intangible relationship assets is $17.1 million, which includes $7.6 million related to one customer that filed for Chapter 11 bankruptcy during the three months ended September 30, 2024. Management has evaluated that the carrying amount of that asset as of September 30, 2024 is recoverable and will continue to evaluate the impacts on its financial statements as more information is publicly available. The expected future amortization expense of intangible assets as of September 30, 2024 is presented below:
| September 30, 2024
| (In thousands)
Fiscal year: |
2024 (remaining three months) | $ | 5,373 |
2025 | 21,479 |
2026 | 19,190 |
2027 | 4,824 |
Total | $ | 50,866 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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