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Goodwill and Other Intangible Assets | 6 Months Ended
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Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets There were no changes in the carrying amount of goodwill during the three and six months ended June 30, 2024. Intangible assets other than goodwill at June 30, 2024 and December 31, 2023 were as follows:
| June 30, 2024 |  | December 31, 2023 |  | Useful Life (in years) |  | Weighted Average Useful Life Remaining (in years)
(in thousands) | Gross |  | Accumulated Amortization |  | Net |  | Gross |  | Accumulated Amortization |  | Net |  |
Intangible assets with finite lives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Marketing assets | $ | 930 |  |  | $ | (930) |  |  | $ | — |  |  | $ | 930 |  |  | $ | (900) |  |  | $ | 30 |  |  | 10.0 |  | 0.0
Non-compete agreement | 827 |  |  | (653) |  |  | 174 |  |  | 835 |  |  | (603) |  |  | 232 |  |  | 2.0 - 5.0 |  | 1.1
Software technology | 13,229 |  |  | (8,439) |  |  | 4,790 |  |  | 13,229 |  |  | (7,752) |  |  | 5,477 |  |  | 10.0 |  | 3.5
Software platform | 26,026 |  |  | (7,563) |  |  | 18,463 |  |  | 26,373 |  |  | (6,575) |  |  | 19,798 |  |  | 12.0 |  | 8.6
Tradenames | 349 |  |  | (349) |  |  | — |  |  | 354 |  |  | (347) |  |  | 7 |  |  | 3.0 |  | 0.0
Customer relationships | 12,195 |  |  | (12,195) |  |  | — |  |  | 12,223 |  |  | (12,183) |  |  | 40 |  |  | 3.0 - 9.0 |  | 0.0
Total intangible assets | $ | 53,556 |  |  | $ | (30,129) |  |  | $ | 23,427 |  |  | $ | 53,944 |  |  | $ | (28,360) |  |  | $ | 25,584 |  |  |  |  |
Intangible assets allocated to the Protolabs Network entities consisted of intangible assets of €11.6 million in Europe and $16.6 million in the United States as of the date of the acquisition. The Euro denominated intangible assets are translated at the end of each period using the current exchange rates resulting in a foreign currency translation adjustment that is recorded as a component of Other Comprehensive Income. Foreign currency unrealized losses related to intangible assets were $1.7 million and $1.3 million as of June 30, 2024 and December 31, 2023, respectively. Amortization expense for intangible assets was $0.9 million and $1.5 million for each of the three months ended June 30, 2024 and 2023, respectively, and $1.9 million and $3.1 million for each of the six months ended June 30, 2024 and 2023, respectively. Estimated aggregated amortization expense based on the current carrying value of the amortizable intangible assets and current exchange rates is as follows:
(in thousands) | Estimated Amortization Expense
Remaining 2024 | $ | 1,815
2025 | 3,630
2026 | 3,529
2027 | 3,520
2028 | 2,151
Thereafter | 8,782
Total estimated amortization expense | $ | 23,427

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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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