5. Goodwill and Intangible Assets

 

Goodwill

 

Changes in the carrying amount of goodwill consisted of the following (in thousands):

 

 

Goodwill represents the excess of consideration transferred over the fair value of assets acquired and liabilities assumed and is attributable to assembled workforces as well as the benefits expected from combining the Company’s research and engineering operations with the acquired company’s. For a discussion of the significant changes in goodwill, see Note 4. Most of the Company’s goodwill is not deductible for income tax purposes.

 

Intangible assets

 

The Company’s intangible assets and related accumulated amortization consisted of the following as of December 31, 2017 and 2016 (in thousands):

 

For a discussion of the significant changes in intangible assets, see Note 4. The weighted average amortization period is 5.6 years for developed technology, 8.4 years for customer relationships, 12.0 years for trademark/trade names, 2.0 years for non-competition agreements, and 7.3 years in total.

 

The Company recorded amortization expense during the respective periods for these intangible assets as follows: (in thousands):

 

 

Amortization of finite lived intangible assets as of December 31, 2017 is as follows for the next five years (in thousands):