Annual report pursuant to Section 13 and 15(d)

Goodwill and Intangible Assets

v3.19.3.a.u2
Goodwill and Intangible Assets
12 Months Ended
Dec. 31, 2019
Goodwill And Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets

(5)

Goodwill and Intangible Assets

There were no changes to the Company’s goodwill balance during the years ended December 31, 2019 and 2018.

The following is a summary of the Company’s acquired intangible assets as of December 31(dollars in thousands):

 

2019

 

Weighted average amortization period

(years)

 

 

Gross

carrying

amount

 

 

Accumulated

amortization

 

 

Intangibles,

net

 

Customer relationships

 

 

10

 

 

$

4,830

 

 

$

1,720

 

 

$

3,110

 

Developed technologies

 

 

9

 

 

 

1,080

 

 

$

406

 

 

 

674

 

Tradename

 

 

3

 

 

 

120

 

 

$

107

 

 

 

13

 

Total

 

 

 

 

 

$

6,030

 

 

$

2,233

 

 

$

3,797

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer relationships

 

 

10

 

 

$

4,830

 

 

$

1,237

 

 

$

3,593

 

Developed technologies

 

 

9

 

 

 

1,080

 

 

 

274

 

 

 

806

 

Tradename

 

 

3

 

 

 

120

 

 

 

67

 

 

 

53

 

Total

 

 

 

 

 

$

6,030

 

 

$

1,578

 

 

$

4,452

 

 

The estimated annual amortization of intangible assets for the next five years and thereafter is shown in the following table (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) (in thousands):

 

 

 

Estimated future

amortization

 

2020

 

$

628

 

2021

 

 

598

 

2022

 

 

563

 

2023

 

 

563

 

2024

 

 

563

 

Thereafter

 

 

882

 

Total

 

$

3,797

 

 

Amortization expense was $655,000, $677,000, and $581,000 for the years ended December 31, 2019, 2018, and 2017, respectively.