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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
| December 31, 2023 |  | Acquisitions |  | June 30, 2024
Goodwill | $ | 86,011 |  |  | $ | — |  |  | $ | 86,011 |
We believe significant synergies are expected to arise from our strategic acquisitions and their assembled work forces. This factor contributed to a purchase price that was in excess of the fair value of the net assets acquired and, as a result, we recorded goodwill for each acquisition. A portion of acquired goodwill will be amortizable for tax purposes. As of June 30, 2024, there has been no impairment of goodwill based on the qualitative assessments performed by the Company.
Gross Intangible Assets | December 31, 2023 |  | Acquisitions |  | June 30, 2024
Customer relationships | $ | 127,843 |  |  | $ | 15,833 |  |  | $ | 143,676 |
Developed technology | 12,001 |  | — |  |  | 12,001
Trade names | 880 |  | — |  |  | 880
Non-compete agreements | 1,032 |  | — |  |  | 1,032
Total | $ | 141,756 |  |  | $ | 15,833 |  |  | $ | 157,589 |
The gross carrying amount and accumulated amortization of our intangible assets are as follows for the periods presented below (in thousands, except weighted average periods):
|  | Weighted Average Amortization Period (in Years) |  | Gross |  | Accumulated Amortization |  | Net
June 30, 2024 |  |  |  |  |  |  |  |
Customer relationships |  | 8.6 |  | $ | 143,676 |  |  | $ | (74,674) |  |  | $ | 69,002 |
Developed technology |  | 6.9 |  | 12,001 |  |  | (10,781) |  |  | 1,220 |
Trade names |  | 4.3 |  | 880 |  |  | (880) |  |  | — |
Non-compete agreements |  | 5.2 |  | 1,032 |  |  | (935) |  |  | 97 |
|  | 8.4 |  | $ | 157,589 |  |  | $ | (87,270) |  |  | $ | 70,319 |
December 31, 2023 |  |  |  |  |  |  |  |
Customer relationships |  | 8.5 |  | $ | 127,843 |  |  | $ | (67,165) |  |  | $ | 60,678 |
Developed technology |  | 6.9 |  | 12,001 |  |  | (10,701) |  |  | 1,300 |
Trade names |  | 4.3 |  | 880 |  |  | (880) |  |  | — |
Non-compete agreements |  | 5.2 |  | 1,032 |  |  | (928) |  |  | 104 |
|  | 8.3 |  | $ | 141,756 |  |  | $ | (79,674) |  |  | $ | 62,082 |
We record amortization expenses using the straight-line method over the estimated useful lives of the intangible assets, as noted above. Amortization expenses recorded in Operating Expenses were $7,495 and $6,596 for the six months ended June 30, 2024 and 2023, respectively. Amortization expenses recorded in Cost of Sales were $100 and $318 for the six months ended June 30, 2024 and 2023, respectively. There was no impairment of intangibles during the six months ended June 30, 2024 based on the qualitative assessment performed by the Company. However, if market, political and other conditions over which we have no control continue to affect the capital markets and our stock price declines, we may experience an impairment of our intangibles in future quarters. The following table summarizes the future estimated amortization expense relating to our intangible assets for the period presented below (in thousands):
| June 30, 2024
2024 | $ | 8,255 |
2025 | 15,724 |
2026 | 12,609 |
2027 | 10,415 |
2028 | 8,969 |
2029 | 7,126 |
Thereafter | 7,221 |
| $ | 70,319 |

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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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