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Goodwill and intangible assets | 6 Months Ended
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Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and intangible assets | Goodwill and intangible assets Goodwill Goodwill represents the difference between the purchase price and the estimated fair value of identifiable assets acquired and liabilities assumed. Goodwill acquired in a business combination is determined to have an indefinite useful life and is not amortized but instead is tested for impairment at least annually in accordance with ASC 350. Intangible assets Intangible assets, net consisted of the following as of June 30, 2024 and December 31, 2023:
(In thousands, except weighted average useful life) | June 30, 2024 |  |
Intangible assets: | Gross Carrying Value |  | Accumulated Amortization |  | Net Carrying Value |  | Weighted Average Useful Life (in years)
Customer relationships | $ | 9,936 |  |  | $ | (4,489) |  |  | $ | 5,447 |  |  | 10.2
Tradenames | 8,134 |  |  | (2,387) |  |  | 5,747 |  |  | 10.8
Technology - acquired | 18,372 |  |  | (10,282) |  |  | 8,090 |  |  | 3.6
Non-compete agreements | 750 |  |  | (709) |  |  | 41 |  |  | 0.3
Total intangible assets | $ | 37,192 |  |  | $ | (17,867) |  |  | $ | 19,325 |  |  | 6.8
(In thousands, except weighted average useful life) | December 31, 2023 |  |
Intangible assets: | Gross Carrying Value |  | Accumulated Amortization |  | Net Carrying Value |  | Weighted Average Useful Life (in years)
Customer relationships | $ | 9,936 |  |  | $ | (4,217) |  |  | $ | 5,719 |  |  | 10.7
Tradenames | 8,134 |  |  | (2,077) |  |  | 6,057 |  |  | 11.3
Technology - acquired | 18,372 |  |  | (9,123) |  |  | 9,249 |  |  | 4.1
Non-compete agreements | 750 |  |  | (626) |  |  | 124 |  |  | 0.8
Total intangible assets | $ | 37,192 |  |  | $ | (16,043) |  |  | $ | 21,149 |  |  | 7.3
Amortization expense for definite-lived intangible assets was $0.9 million and $1.8 million for the three and six months ended June 30, 2024, respectively, and $1.4 million and $2.8 million for the three and six months ended June 30, 2023, respectively. As of June 30, 2024, the Company expects to record the following amortization expense for definite-lived intangible assets:
(In thousands) | Amortization Expense
For the Years Ending December 31,
2024 (6 months remaining) | $ | 1,778 |
2025 | 3,468 |
2026 | 3,358 |
2027 | 2,605 |
2028 | 1,500 |
Thereafter | 6,616 |
Total | $ | 19,325 |

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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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