Intangible Assets

6 Months Ended

Jun. 30, 2022

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Note 8. Intangible Assets

The following is a summary of the Company’s acquired intangible assets (dollars in thousands):


	June 30, 2022
	Weighted average amortization period (in years)	Gross carrying amount		Accumulated amortization		Net carrying amount

Market related intangibles	5	$	1,820	$	625	$	1,195
Customer relationships	7		13,780		5,584		8,196
Developed technologies	11		4,380		1,085		3,295
Covenants to non-compete	2		115		85		30
Total intangible assets, net		$	20,095	$	7,379	$	12,716


	December 31, 2021
	Weighted average amortization period (in years)	Gross carrying amount		Accumulated amortization		Net carrying amount
Market related intangibles	5	$	1,820	$	454	$	1,366
Customer relationships	7		13,780		4,447		9,333
Developed technologies	11		4,380		908		3,472
Covenants to non-compete	2		115		57		58
Total intangible assets, net		$	20,095	$	5,866	$	14,229

Estimated annual amortization of intangible assets for the next five years and thereafter is shown in the following table (in thousands):


	Estimated future amortization
2022 (remaining six months)	$	1,513
2023	$	2,969
2024	$	2,968
2025	$	2,958
2026	$	557
Thereafter	$	1,751
Total	$	12,716

Actual amortization expense to be reported in future periods could differ from these estimates as a result of acquisitions, divestitures, and asset impairments, among other factors. Amortization expense was $0.8 million for each of the three months ended June 30, 2022 and 2021 and $1.5 million for each of the six months ended June 30, 2022 and 2021.