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Intangible Assets
12 Months Ended
Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets Intangible Assets
Intangible assets consisted of the following (in thousands):
Gross
Carrying
Value
Accumulated
Amortization
Net
Carrying
Value
Distribution networks$38,060 $38,060 $ 
Completed technologies24,217 15,234 8,983 
Customer relationships10,578 7,891 2,687 
Non-compete agreements710 492 218 
Trademarks110 110  
Balance as of December 31, 2021$73,675 $61,787 $11,888 
 Gross
Carrying
Value
Accumulated
Amortization
Net
Carrying
Value
Distribution networks$38,060 $38,060 $— 
Completed technologies24,217 12,397 11,820 
Customer relationships10,578 7,160 3,418 
Non-compete agreements710 436 274 
Trademarks110 67 43 
Balance as of December 31, 2020$73,675 $58,120 $15,555 
The adverse impact of the COVID-19 pandemic on our business in 2020 triggered a review of long-lived assets, including intangible assets, for potential impairment during the second quarter of 2020. Based on this assessment, management concluded that certain of the Company's finite-lived intangible assets failed the recoverability test, and recorded impairment charges for these assets equal to the amount by which their carrying value exceeded their fair value. The Company also measured the fair value and recorded an impairment charge for its indefinite-lived intangible asset related to in-process technologies. The fair values were established, with the assistance of an outside valuation advisor, using the income approach based on a discounted cash flow model that estimated future revenue streams and expenses attributable to those revenue streams provided by management.
This review resulted in intangible asset impairment charges totaling $19,571,000 in the second quarter of 2020, primarily related to lower projected cash flows from the technologies and customer relationships acquired from Sualab Co. Ltd. ("Sualab") as a result of the deteriorating global economic conditions from the COVID-19 pandemic. Completed technologies, in-process technologies, and customer relationships acquired from Sualab were impaired in the amounts of $10,070,000, $5,900,000, and $3,382,000, respectively. In addition, customer relationships acquired from EnShape GmbH that had a gross carrying value of $447,000 and accumulated amortization of $228,000 on the measurement date were reduced to zero, resulting in an impairment charge of $219,000. The Company did not record impairment charges related to intangible assets in 2021 or 2019.
Estimated amortization expense for each of the five succeeding fiscal years and thereafter is as follows (in thousands):
Year Ended December 31,Amount
2022$3,275 
20232,594 
20242,080 
20251,757 
20261,452 
Thereafter730 
$11,888