(

)

GOODWILL AND INTANGIBLE ASSETS

We have

two

operating segments which are also our reporting units: Thermal and EMS. Goodwill and intangible assets on our balance sheets are the result of our acquisitions of Sigma Systems Corp. ("Sigma") in

October 2008,

Thermonics, Inc. ("Thermonics") in

January 2012

and Ambrell in

May 2017.

All our goodwill and intangible assets are allocated to our Thermal segment.

Goodwill

Goodwill totaled

$13,738

at both

March 31, 2021

and

December 31, 2020

and was comprised of the following:

Sigma	$	1,656
Thermonics		50
Ambrell		12,032
Total	$	13,738

Intangible Assets

Changes in the amount of the carrying value of finite-lived intangible assets for the

three

months ended

March 31, 2021

are as follows:

Balance - January 1, 2021	$	5,711
Amortization		(304	)
Balance - March 31, 2021	$	5,407

The following tables provide further detail about our intangible assets as of

March 31, 2021

and

December 31, 2020:

	March 31, 2021
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Finite-lived intangible assets:
Customer relationships	$	10,480	$	5,191	$	5,289
Technology		600		498		102
Patents		590		574		16
Software		270		270		-
Trade name		140		140		-
Total finite-lived intangible assets		12,080		6,673		5,407
Indefinite-lived intangible assets:
Trademarks		6,710		-		6,710
Total intangible assets	$	18,790	$	6,673	$	12,117

	December 31, 2020
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Finite-lived intangible assets:
Customer relationships	$	10,480	$	4,912	$	5,568
Technology		600		477		123
Patents		590		570		20
Software		270		270		-
Trade name		140		140		-
Total finite-lived intangible assets		12,080		6,369		5,711
Indefinite-lived intangible assets:
Trademarks		6,710		-		6,710
Total intangible assets	$	18,790	$	6,369	$	12,421

We generally amortize our finite-lived intangible assets over their estimated useful lives on a straight-line basis, unless an alternate amortization method can be reliably determined. Any such alternate amortization method would be based on the pattern in which the economic benefits of the intangible asset are expected to be consumed.

None

of our intangible assets have any residual value.

Total amortization expense for our finite-lived intangible assets was

$304

and

$311,

respectively, for the

three

months ended

March 31, 2021

and

2020.

The following table sets forth the estimated annual amortization expense for each of the next

five

years:

2021 (remainder)	$	923
2022	$	1,167
2023	$	1,067
2024	$	980
2025	$	905