Goodwill

Goodwill represents the difference between the purchase price and the estimated fair value of identifiable assets acquired and liabilities assumed. Goodwill acquired in a business combination and determined to have an indefinite useful life is not amortized, but instead is tested for impairment at least annually in accordance with ASC 350. The following table represents the change in the carrying value of goodwill for the six months ended June 30, 2020 (amounts in thousands):


Balance as of December 31, 2019	$	468,413
Goodwill adjustment related to C Technologies, Inc.		293
Cumulative translation adjustment		19

Balance as of June 30, 2020	$	468,725

During each of the fourth quarters of 2019, 2018 and 2017,

the Company

completed

its

annual impairment assessments and concluded that goodwill was not impaired in any of those years. The Company has not identified any “triggering” events which indicate an impairment of goodwill in the three and six months ended June 30, 2020.

Intangible Assets

Intangible assets with a definitive life are amortized over their useful lives using the straight-line method, and the amortization expense is recorded within cost of product revenue and selling, general and administrative expenses in the Company’s statements of comprehensive income. Intangible assets and their related useful lives are reviewed at least annually to determine if any adverse conditions exist that would indicate the carrying value of these assets may not be recoverable. More frequent impairment assessments are conducted if certain conditions exist, including a change in the competitive landscape, any internal decisions to pursue new or different technology strategies, a loss of a significant customer, or a significant change in the marketplace, including changes in the prices paid for our products or changes in the size of the market for

the Company’s

products. An impairment results if the carrying value of the asset exceeds the estimated fair value of the asset. If the estimate of an intangible asset’s remaining useful life is changed, the remaining carrying amount of the intangible asset is amortized prospectively over the revised remaining useful life. The Company continues to believe that its intangible assets are recoverable at June 30, 2020.

Indefinite-lived assets are reviewed for impairment at least annually. There has been no impairment of

the Company’s

intangible assets for the periods presented.

Intangible assets, net consisted of the following at June 30, 2020:


	June 30, 2020
	Gross Carrying Value		Accumulated Amortization			Net Carrying Value		Weighted Average Useful Life (in years)
	(Amounts in thousands)
Finite-lived intangible assets:
Technology - developed	$	82,172	$	(11,863	)	$	70,309		19
Patents		240		(240	)		—		8
Customer relationships		160,834		(30,934	)		129,900		15
Trademarks		3,752		(427	)		3,325		20
Other intangibles		1,697		(1,190	)		507		3

Total finite-lived intangible assets		248,695		(44,654	)		204,041		16
Indefinite-lived intangible asset:
Trademarks		700		—			700		—

Total intangible assets	$	249,395	$	(44,654	)	$	204,741

Intangible assets consisted of the following at December 31, 2019:


	December 31, 2019
	Gross Carrying Value		Accumulated Amortization			Net Carrying Value		Weighted Average Useful Life (in years)
	(Amounts in thousands)
Finite-lived intangible assets:
Technology - developed	$	82,169	$	(9,669	)	$	72,500		19
Patents		240		(240	)		—		8
Customer relationships		160,825		(25,642	)		135,183		15
Trademarks		3,752		(333	)		3,419		20
Other intangibles		1,697		(947	)		750		3

Total finite-lived intangible assets		248,683		(36,831	)		211,852		16
Indefinite-lived intangible asset:
Trademarks		700		—			700		—

Total intangible assets	$	249,383	$	(36,831	)	$	212,552

Amortization expense for finite-lived intangible assets was $3.9 million and $3.1 million for the three months ended June 30, 2020 and 2019, respectively. Amortization expense was $7.8 million and $5.7 million for the six months ended June 30, 2020 and 2019, respectively. As of June 30, 2020, the Company expects to record the following amortization expense in future periods (amounts in thousands):


For the Six Months Ended June 30,	Estimated Amortization Expense
2020 (remaining six months)	$	7,396
2021		14,738
2022		14,736
2023		14,640
2024		14,198
2025 and thereafter		138,333

Total	$	204,041