Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Intangible Assets

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Goodwill and Intangible Assets
6 Months Ended
Jun. 30, 2017
Goodwill and Intangible Assets [Abstract]  
Goodwill and Intangible Assets
6.
Goodwill and Intangible Assets

Goodwill was approximately $239.7 million as of June 30, 2017 and December 31, 2016, respectively.

We have amortizable and non-amortizable intangible assets consisting of trademarks, trade names, developed technology, non-compete agreements, customer relationships and other totaling approximately $125.4 million in gross carrying amount as of both June 30, 2017 and December 31, 2016.  Non-amortizable assets of $11.4 million as of both June 30, 2017 and December 31, 2016 consist primarily of the trade name relating to the Endicia acquisition.

The following table summarizes our amortizable intangible assets as of June 30, 2017 (in thousands):

   
Gross
Carrying
Amount
   
Accumulated
Amortization
   
Net Carrying
Amount
 
Patents and Others
 
$
8,889
   
$
8,797
   
$
92
 
Customer Relationships
   
60,816
     
17,185
     
43,631
 
Technology
   
40,048
     
8,699
     
31,349
 
Non-Compete
   
2,211
     
1,029
     
1,182
 
Trademark
   
2,004
     
639
     
1,365
 
Total amortizable intangible assets at June 30, 2017
 
$
113,968
   
$
36,349
   
$
77,619
 

The following table summarizes our amortizable intangible assets as of December 31, 2016 (in thousands):
 
   
Gross
Carrying
Amount
   
Accumulated
Amortization
   
Net Carrying
Amount
 
Patents and Others
 
$
8,889
   
$
8,774
   
$
115
 
Customer Relationships
   
60,816
     
12,199
     
48,617
 
Technology
   
40,048
     
6,100
     
33,948
 
Non-Compete
   
2,211
     
777
     
1,434
 
Trademark
   
2,004
     
479
     
1,525
 
Total amortizable intangible assets at December 31, 2016
 
$
113,968
   
$
28,329
   
$
85,639
 

We recorded amortization of intangible assets totaling approximately $4.0 million and $8.0 million for the three and six months ended June 30, 2017, respectively.  We recorded amortization of intangible assets totaling approximately $3.2 million and $6.6 million for the three and six months ended June 30, 2016, respectively. Amortization of intangible assets is included in general and administrative expense in the accompanying consolidated statements of income.
 
As of June 30, 2017, the remaining weighted average amortization period for our amortizable intangible assets is approximately 5.1 years. Our estimated amortization expense for the next five years and thereafter is as follows (in thousands):
 
Twelve Month Period Ending June 30,
 
Estimated
Amortization
Expense
 
2018
 
$
16,025
 
2019
   
15,667
 
2020
   
15,579
 
2021
   
15,231
 
2022
   
7,783
 
Thereafter
   
7,334
 
Total
 
$
77,619