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Intangible Assets
 6 Months Ended
Jun. 30, 2021
Intangible Assets Net Excluding Goodwill [Abstract]  
Intangible Assets

10. INTANGIBLE ASSETS

Intangible assets consisted of the following:

 

 

 

As of June 30, 2021

 

 

As of December 31, 2020

 

(In thousands)

 

Gross Carrying Amount

 

 

Accumulated Amortization

 

 

Net Book Value

 

 

Gross Carrying Amount

 

 

Accumulated Amortization

 

 

Net Book Value

 

Customer relationships

 

$

20,985

 

 

$

(9,030

)

 

$

11,955

 

 

$

21,123

 

 

$

(8,055

)

 

$

13,068

 

Developed technology

 

 

8,200

 

 

 

(3,114

)

 

 

5,086

 

 

 

8,200

 

 

 

(2,546

)

 

 

5,654

 

Licensed technology

 

 

5,900

 

 

 

(2,158

)

 

 

3,742

 

 

 

5,900

 

 

 

(1,830

)

 

 

4,070

 

Supplier relationships

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,800

 

 

 

(2,800

)

 

 

—

 

Licensing agreements

 

 

560

 

 

 

(189

)

 

 

371

 

 

 

560

 

 

 

(152

)

 

 

408

 

Patents

 

 

500

 

 

 

(329

)

 

 

171

 

 

 

500

 

 

 

(294

)

 

 

206

 

Trade names

 

 

210

 

 

 

(181

)

 

 

29

 

 

 

210

 

 

 

(146

)

 

 

64

 

Total

 

$

36,355

 

 

$

(15,001

)

 

$

21,354

 

 

$

39,293

 

 

$

(15,823

)

 

$

23,470

 

 

 

The Company evaluates the carrying value of intangible assets whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable and the undiscounted cash flows estimated to be generated by the asset are less than the asset’s carrying value. Due to the current economic environment, particularly related to COVID-19, the Company assessed impairment triggers related to intangible assets during the second quarters of 2021 and 2020. Based on this assessment, no triggers occurred that required us to perform an impairment test, and no impairment losses of intangible assets were recorded for the three and six months ended June 30, 2021 or 2020.

 

Amortization expense was $1.0 million in each of the three months ended June 30, 2021 and 2020 and $2.1 million and $2.4 million for the six months ended June 30, 2021 and 2020, respectively, and was included in cost of revenue, selling, general and administrative expenses and research and development expenses in the Condensed Consolidated Statements of Income (Loss).

Estimated future amortization expense of intangible assets was as follows:

 

 

As of

 

(In thousands)

 

June 30, 2021

 

2021

 

$

2,028

 

2022

 

 

3,485

 

2023

 

 

3,333

 

2024

 

 

3,238

 

2025

 

 

3,029

 

Thereafter

 

 

6,241

 

Total

 

$

21,354