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Identifiable Intangible Assets and Goodwill
 12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Identifiable Intangible Assets and Goodwill Identifiable Intangible Assets and Goodwill
Included in identifiable intangible assets are approximately $2.9 million and $2.1 million of costs related to software products that have not satisfied the general release threshold as of December 31, 2023 and December 31, 2022, respectively. These software products will be ready for their intended use within the next 12 months. Software costs placed into service during the years ended December 31, 2023 and 2022 were $4.6 million and $6.5 million, respectively. Annual amortization charged to cost of sales is computed using the straight-line method over the remaining estimated economic life of the product, generally three years.
The components of identifiable intangible assets are:
December 31,
(in thousands)20232022Estimated Useful LifeWeighted-Average Amortization Period
Acquired developed technology$119,800 $119,800 
3 - 7 years
4.40 years
Internally developed software costs36,876 32,274 3 years1.95 years
Customer relationships14,510 12,360 7 years4.60 years
Trade names1,410 1,410 
2 - 5 years
1.00 year
Non-competition agreements30 30 1 year1.00 year
172,626 165,874 
Impact of currency translation on intangible assets1,399 304 
Less: accumulated amortization(88,259)(63,386)
$85,766 $102,792 
Internally developed software costs not meeting general release threshold2,886 2,105 
Trademarks, trade names (non-amortizable)6,200 6,200 Indefinite
$94,852 $111,097  

The expected future amortization of intangible assets, assuming straight-line amortization of capitalized software development costs and acquisition related intangibles, excluding software costs not meeting the general release threshold, is as follows (in thousands):

2024$23,065 
202521,477 
202618,857 
202715,193 
20287,174 
Thereafter— 
Total$85,766 

To value indefinite lived intangible assets, the Company utilizes the relief from royalty method to estimate the fair values of trade names. There was zero impairment to indefinite lived intangible assets in the years ended December 31, 2023, 2022 and 2021, respectively. 

Amortization expense for identifiable intangible assets was allocated as follows:

(in thousands)202320222021
Amortization of acquired developed technology$16,281 $15,307 $11,978 
Amortization of internally developed software6,548 6,737 5,411 
Amortization of identifiable intangible assets recorded in cost of sales$22,829 $22,044 $17,389 
Amortization expense recorded in operating expense1,858 1,863 1,825 
Impact of currency translation on intangible assets(909)(304)— 
The following table presents the goodwill activities for the periods presented:

(in thousands)
Beginning balance - December 31, 2021$457,306 
Q1 2022 Acquisition1,212 
MENU Acquisition28,495 
Punchh Acquisition ASC 805 measurement period adjustment(1,085)
Foreign currency translation834 
Balance - December 31, 2022486,762 
Foreign currency translation2,892 
Ending balance - December 31, 2023$489,654 
Refer to "Note 2 - Acquisitions" for additional information on goodwill recognized in acquisitions