Intangible Assets

6 Months Ended

Jun. 30, 2023

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Note 7. Intangible Assets

Other Intangible Assets

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


	June 30, 2023
	Weighted average amortization period (in years)	Gross carrying amount		Accumulated amortization		Net carrying amount
Market related intangibles	5	$	1,820	$	965	$	855
Customer relationships	7		13,780		7,857	$	5,923
Developed technologies	11		4,380		1,440	$	2,940
Covenants to non-compete	2		115		115	$	—
Total intangible assets, net		$	20,095	$	10,377	$	9,718


	December 31, 2022
	Weighted average amortization period (in years)	Gross carrying amount		Accumulated amortization		Net carrying amount
Market related intangibles	5	$	1,820	$	795	$	1,025
Customer relationships	7		13,780		6,720		7,060
Developed technologies	11		4,380		1,263		3,117
Covenants to non-compete	2		115		114		1
Total intangible assets, net		$	20,095	$	8,892	$	11,203

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


	Estimated future amortization
2023 (remaining six months)	$	1,484
2024		2,968
2025		2,958
2026		557
2027		356
Thereafter		1,395
Total	$	9,718

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 $0.7 million and $0.8 million for the three months ended June 30, 2023 and 2022, respectively. Amortization expense was $1.5 million and $1.5 million for the six months ended June 30, 2023 and 2022, respectively.

No impairment losses were recorded against the other intangibles during the three months ended June 30, 2023 and 2022.

Goodwill

No impairment losses were recorded against the goodwill during the three months ended June 30, 2023 and 2022.