Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets

v3.19.3
Intangible Assets
9 Months Ended
Sep. 30, 2019
Goodwill And Intangible Assets Disclosure [Abstract]  
Intangible Assets

Note 6. Intangible Assets

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

 

 

Weighted

Average

Amortization

Period (years)

 

 

Gross

Carrying

Amount

 

 

Accumulated

Amortization

 

 

Intangibles, Net

 

September 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer relationships

 

 

10

 

 

$

4,830

 

 

$

1,599

 

 

$

3,231

 

Developed technologies

 

 

9

 

 

 

1,080

 

 

 

374

 

 

 

706

 

Tradename

 

 

3

 

 

 

120

 

 

 

96

 

 

 

24

 

Total intangible assets, net

 

 

 

 

 

$

6,030

 

 

$

2,069

 

 

$

3,961

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer relationships

 

 

10

 

 

$

4,830

 

 

$

1,237

 

 

$

3,593

 

Developed technologies

 

 

9

 

 

 

1,080

 

 

 

274

 

 

 

806

 

Tradename

 

 

3

 

 

 

120

 

 

 

67

 

 

 

53

 

Total intangible assets, net

 

 

 

 

 

$

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 (in thousands):

 

 

Estimated Future Amortization

 

2019 (remaining three months)

 

$

164

 

2020

 

 

628

 

2021

 

 

598

 

2022

 

 

563

 

2023

 

 

563

 

Thereafter

 

 

1,445

 

Total

 

$

3,961

 

 

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. Amortization expense was $163,000 and $169,000 for the three months ended September 30, 2019 and 2018, respectively, and $491,000 and $508,000 for the nine months ended September 30, 2019 and 2018, respectively.