8. Intangible Assets and Goodwill

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The gross carrying amount and accumulated amortization of the Company’s acquired identifiable intangible assets as of September 30, 2023 were as follows (in thousands):

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The gross carrying amount and accumulated amortization of the Company’s acquired identifiable intangible assets as of December 31, 2022 were as follows (in thousands):

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The change in the gross carrying amount of the acquired technology and customer relationships, trade name and other from December 31, 2022 to September 30, 2023 was due to changes in foreign currency translation.

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Amortization expense for acquired identifiable intangible assets for the three months ended September 30, 2023 and 2022 was $4.4 million and $4.9 million, respectively. Amortization expense for acquired identifiable intangible assets for the nine months ended September 30, 2023 and 2022 was $14.2 million and $15.2 million, respectively.

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The estimated amortization expense for subsequent years is as follows (in thousands):

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Goodwill was $248.0 million and $248.6 million as of September 30, 2023 and December 31, 2022, respectively, which decreased due to foreign currency translation adjustments for goodwill associated with our international subsidiaries. 

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The change in the carrying amount of goodwill for the nine months ended September 30, 2023 was as follows (in thousands):

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The Company completes its annual impairment assessment of goodwill on October 31 of each fiscal year. The Company has concluded that it has one reporting unit. Management continues to closely monitor the results of the Company’s business, the performance of the Company’s common stock, current liquidity and key assumptions used in its fair value estimate, in addition to operational initiatives and macroeconomic conditions, which may impact the results of

the Company’s goodwill impairment assessment. The projected performance of the reporting unit, including the need for additional financing to fund the operations of the Company’s business for the next twelve months and the potential for future developments in the global economic environment, introduces a heightened risk for impairment in the Company’s goodwill, intangible assets and property, plant and equipment. If the Company cannot improve its current operating levels and meet its operating targets to achieve the growth and margin assumptions and/or if the Company is not able to obtain the additional financing required to fund its business for the next twelve months, some or all of the recorded goodwill, intangible assets and property, plant and equipment as of September 30, 2023 could be subject to impairment. Such potential impairment of goodwill, intangible assets and property, plant and equipment could be material to the Company’s condensed consolidated financial statements.