Intangible Assets

9 Months Ended

Sep. 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):


	September 30, 2022
	Weighted average amortization period (in years)	Gross carrying amount		Accumulated amortization		Net carrying amount
Market related intangibles	5	$	1,820	$	709	$	1,111
Customer relationships	7		13,780		6,152		7,628
Developed technologies	11		4,380		1,174		3,206
Covenants to non-compete	2		115		100		15
Total intangible assets, net		$	20,095	$	8,135	$	11,960


	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 three months)	$	757
2023		2,969
2024		2,968
2025		2,958
2026		557
Thereafter		1,751
Total	$	11,960

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 each of the three months ended September 30, 2022 and 2021 and $2.3 million and $2.2 million for the nine months ended September 30, 2022 and 2021, respectively.