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Intangible Assets and Goodwill | 6 Months Ended
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Jun. 30, 2024
Intangible Assets, Net (Excluding Goodwill) [Abstract] |
Intangible Assets and Goodwill | Note 7. Intangible Assets and Goodwill Other Intangible Assets The following is a summary of the Company’s acquired other intangible assets (dollars in thousands):
|  | June 30, 2024 |
|  | Weighted average amortization period (in years) |  | Gross carrying amount |  |  | Accumulated amortization |  |  | Net carrying amount |
Market related intangibles |  | 5 |  | $ | 1,820 |  |  | $ | 1,304 |  |  | $ | 516 |
Customer relationships |  | 7 |  |  | 13,780 |  |  |  | 10,130 |  |  |  | 3,650 |
Developed technologies |  | 11 |  |  | 4,380 |  |  |  | 1,795 |  |  |  | 2,585 |
Covenants to non-compete |  | 2 |  |  | 115 |  |  |  | 115 |  |  |  | — |
Total intangible assets, net |  |  |  | $ | 20,095 |  |  | $ | 13,344 |  |  | $ | 6,751 |
|  | December 31, 2023 |
|  | Weighted average amortization period (in years) |  | Gross carrying amount |  |  | Accumulated amortization |  |  | Net carrying amount |
Market related intangibles |  | 5 |  | $ | 1,820 |  |  | $ | 1,135 |  |  | $ | 685 |
Customer relationships |  | 7 |  |  | 13,780 |  |  |  | 8,993 |  |  |  | 4,787 |
Developed technologies |  | 11 |  |  | 4,380 |  |  |  | 1,618 |  |  |  | 2,762 |
Covenants to non-compete |  | 2 |  |  | 115 |  |  |  | 115 |  |  |  | — |
Total intangible assets, net |  |  |  | $ | 20,095 |  |  | $ | 11,861 |  |  | $ | 8,234 |
Amortization expense was $0.7 million for each of the three months ended June 30, 2024 and 2023. Estimated annual amortization of intangible assets for the next five years and thereafter is shown in the foll owing table (in thousands):
|  | Estimated future amortization |
2024 (remaining six months) |  | $ | 1,484 |
2025 |  |  | 2,958 |
2026 |  |  | 557 |
2027 |  |  | 356 |
Thereafter |  |  | 1,396 |
Total |  | $ | 6,751 |
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. No impairment losses were recorded against the other intangibles during each of the three months ended June 30, 2024 and 2023. During the fourth quarter of 2023 and second quarter of 2024, the Company determined that there were no triggering events or circumstances to indicate that the carrying value of the finite-lived asset group may not be recoverable. Based on the assessment performed, we concluded that an impairment charge to finite-lived intangible assets was not required as of December 31, 2023 and June 30, 2024 and the useful lives remain appropriate. Goodwill No impairment losses were recorded against the goodwill during the three months ended June 30, 2024 and 2023. During the fourth quarter of 2023 and second quarter of 2024, the Company's current and expected cash flows, and the macro-economic and industry conditions have not significantly changed, while the Company’s market capitalization materially increased since December 31, 2023. After assessing the totality of events or circumstances, the Company determined that there were no events or circumstances in the fourth quarter of 2023 and second quarter of 2024 that indicated that the fair value of a reporting unit is more likely than not less than its carrying amount. Therefore, an impairment charge to goodwill was not required as of December 31, 2023 and June 30, 2024. Certain future events and circumstances could result in changes to our assumptions and judgments used in the impairment tests. A downward revision of these assumptions could cause the total fair value of our goodwill and intangible assets to fall below carrying values and a non-cash impairment charge would be required. Such a charge may have a material effect on the consolidated financial statements.

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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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- References No definition available. + Details
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