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Note 7 - Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2022

Goodwill and Intangible Assets Disclosure [Text Block]

(7)

GOODWILL AND INTANGIBLE ASSETS

We have three operating segments which are also our reporting units: Electronic Test, Environmental Technologies and Process Technologies. Goodwill and intangible assets on our balance sheets are the result of our acquisitions.

Goodwill

Changes in the amount of the carrying value of goodwill for the six months ended June 30, 2022 are as follows:

Balance - January 1, 2022	$	21,448
Adjustments to preliminary amounts recorded in the fourth quarter of 2021 for contingent consideration and intangible assets related to acquisition of Acculogic (see Note 3)		451
Impact of foreign currency translation adjustments		(179	)
Balance - June 30, 2022	$	21,720

Goodwill was comprised of the following at June 30, 2022 and December 31, 2021:

	June 30,		December 31,
	2022		2021
Electronic Test	$	3,521	$	3,055
Environmental Technologies		1,817		1,817
Process Technologies		16,382		16,576

Total goodwill	$	21,720	$	21,448

Intangible Assets

Changes in the amount of the carrying value of indefinite-lived intangible assets for the six months ended June 30, 2022 are as follows:

Balance - January 1, 2022	$	8,428
Adjustments to preliminary amounts recorded in the fourth quarter of 2021 related to acquisition of Acculogic (see Note 3)		20
Impact of foreign currency translation adjustments		(41	)
Balance - June 30, 2022	$	8,407

Changes in the amount of the carrying value of finite-lived intangible assets for the six months ended June 30, 2022 are as follows:

Balance - January 1, 2022	$	13,206
Adjustments to preliminary amounts recorded in the fourth quarter of 2021 related to acquisition of Acculogic (see Note 3)		29
Impact of foreign currency translation adjustments		(188	)
Amortization		(1,547	)
Balance - June 30, 2022	$	11,500

Intangible assets were allocated to our reporting segments at June 30, 2022 and December 31, 2021 as follows:

	June 30,		December 31,
	2022		2021
Electronic Test:	$	4,632	$	5,074
Environmental Technologies		862		893
Process Technologies		14,413		15,667

Total intangible assets	$	19,907	$	21,634

The following tables provide further detail about our intangible assets as of June 30, 2022 and December 31, 2021:

	June 30, 2022
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Finite-lived intangible assets:
Customer relationships	$	16,428	$	7,093	$	9,335
Technology		2,912		788		2,124
Patents		590		588		2
Backlog		495		456		39
Software		270		270		-
Trade name		140		140		-
Total finite-lived intangible assets		20,835		9,335		11,500
Indefinite-lived intangible assets:
Trademarks		8,407		-		8,407
Total intangible assets	$	29,242	$	9,335	$	19,907

	December 31, 2021
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Finite-lived intangible assets:
Customer relationships	$	16,544	$	6,160	$	10,384
Technology		2,950		569		2,381
Patents		590		585		5
Backlog		521		85		436
Software		270		270		-
Trade name		140		140		-
Total finite-lived intangible assets		21,015		7,809		13,206
Indefinite-lived intangible assets:
Trademarks		8,428		-		8,428
Total intangible assets	$	29,443	$	7,809	$	21,634

We generally amortize our finite-lived intangible assets over their estimated useful lives based on the pattern in which the economic benefits of the intangible assets are expected to be consumed, or on a straight-line basis, if an alternate amortization method cannot be reliably determined. Any such alternate amortization method would. None of our intangible assets have any residual value.

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

2022 (remainder)	$	1,160
2023	$	2,112
2024	$	1,989
2025	$	1,778
2026	$	1,169