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Identifiable Intangible Assets and Goodwill | 12 Months Ended
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Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Identifiable Intangible Assets and Goodwill | Identifiable Intangible Assets and Goodwill Included in identifiable intangible assets are approximately $2.9 million and $2.1 million of costs related to software products that have not satisfied the general release threshold as of December 31, 2023 and December 31, 2022, respectively. These software products will be ready for their intended use within the next 12 months. Software costs placed into service during the years ended December 31, 2023 and 2022 were $4.6 million and $6.5 million, respectively. Annual amortization charged to cost of sales is computed using the straight-line method over the remaining estimated economic life of the product, generally three years. The components of identifiable intangible assets are:
| December 31, |  |
(in thousands) | 2023 |  | 2022 | Estimated Useful Life | Weighted-Average Amortization Period
Acquired developed technology | $ | 119,800 |  |  | $ | 119,800 |  | 3 - 7 years | 4.40 years
Internally developed software costs | 36,876 |  |  | 32,274 |  | 3 years | 1.95 years
Customer relationships | 14,510 |  |  | 12,360 |  | 7 years | 4.60 years
Trade names | 1,410 |  |  | 1,410 |  | 2 - 5 years | 1.00 year
Non-competition agreements | 30 |  |  | 30 |  | 1 year | 1.00 year
| 172,626 |  |  | 165,874 |  |  |
Impact of currency translation on intangible assets | 1,399 |  |  | 304 |  |  |
Less: accumulated amortization | (88,259) |  |  | (63,386) |  |  |
| $ | 85,766 |  |  | $ | 102,792 |  |  |
Internally developed software costs not meeting general release threshold | 2,886 |  |  | 2,105 |  |  |
Trademarks, trade names (non-amortizable) | 6,200 |  |  | 6,200 |  | Indefinite |
| $ | 94,852 |  |  | $ | 111,097 |  |  |
The expected future amortization of intangible assets, assuming straight-line amortization of capitalized software development costs and acquisition related intangibles, excluding software costs not meeting the general release threshold, is as follows (in thousands):
2024 | $ | 23,065 |
2025 | 21,477 |
2026 | 18,857 |
2027 | 15,193 |
2028 | 7,174 |
Thereafter | — |
Total | $ | 85,766 |
To value indefinite lived intangible assets, the Company utilizes the relief from royalty method to estimate the fair values of trade names. There was zero impairment to indefinite lived intangible assets in the years ended December 31, 2023, 2022 and 2021, respectively. Amortization expense for identifiable intangible assets was allocated as follows:
(in thousands) | 2023 |  | 2022 |  | 2021
Amortization of acquired developed technology | $ | 16,281 |  |  | $ | 15,307 |  |  | $ | 11,978 |
Amortization of internally developed software | 6,548 |  |  | 6,737 |  |  | 5,411 |
Amortization of identifiable intangible assets recorded in cost of sales | $ | 22,829 |  |  | $ | 22,044 |  |  | $ | 17,389 |
Amortization expense recorded in operating expense | 1,858 |  |  | 1,863 |  |  | 1,825 |
Impact of currency translation on intangible assets | (909) |  |  | (304) |  |  | — |
The following table presents the goodwill activities for the periods presented:
(in thousands) |  |
Beginning balance - December 31, 2021 |  | $ | 457,306 |
Q1 2022 Acquisition |  | 1,212 |
MENU Acquisition |  | 28,495 |
Punchh Acquisition ASC 805 measurement period adjustment |  | (1,085) |
Foreign currency translation |  | 834 |
Balance - December 31, 2022 |  | 486,762 |
Foreign currency translation |  | 2,892 |
Ending balance - December 31, 2023 |  | $ | 489,654 |
Refer to "Note 2 - Acquisitions" for additional information on goodwill recognized in acquisitions

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