XML 21 R11.htm IDEA: XBRL DOCUMENT

Note 4 - Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Text Block]

(4)

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 three months ended March 31, 2023 are as follows:

Balance - January 1, 2023	$	21,605
Impact of foreign currency translation adjustments		31
Balance - March 31, 2023	$	21,636

Goodwill was comprised of the following at March 31, 2023 and December 31, 2022:

	March 31,		December 31,
	2023		2022
Electronic Test	$	3,377	$	3,369
Environmental Technologies		1,817		1,817
Process Technologies		16,442		16,419
Total goodwill	$	21,636	$	21,605

Intangible Assets

Changes in the amount of the carrying value of indefinite-lived intangible assets for the three months ended March 31, 2023 are as follows:

Balance - January 1, 2023	$	8,369
Impact of foreign currency translation adjustments		6
Balance - March 31, 2023	$	8,375

Changes in the amount of the carrying value of finite-lived intangible assets for the three months ended March 31, 2023 are as follows:

Balance - January 1, 2023	$	10,190
Impact of foreign currency translation adjustments		25
Amortization		(544	)
Balance - March 31, 2023	$	9,671

Intangible assets were allocated to our reporting segments at March 31, 2023 and December 31, 2022 as follows:

	March 31,		December 31,
	2023		2022
Electronic Test		4,019		4,139
Environmental Technologies		823		832
Process Technologies		13,204		13,588
Total intangible assets	$	18,046	$	18,559

The following tables provide further detail about our intangible assets as of March 31, 2023 and December 31, 2022:

	March 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Finite-lived intangible assets:
Customer relationships	$	16,334	$	8,431	$	7,903
Technology		2,863		1,095		1,768
Patents		590		590		-
Backlog		494		494		-
Software		270		270		-
Trade name		140		140		-
Total finite-lived intangible assets		20,691		11,020		9,671
Indefinite-lived intangible assets:
Trademarks		8,375		-		8,375
Total intangible assets	$	29,066	$	11,020	$	18,046

	December 31, 2022
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Finite-lived intangible assets:
Customer relationships	$	16,313	$	7,990	$	8,323
Technology		2,855		988		1,867
Patents		590		590		-
Backlog		492		492		-
Software		270		270		-
Trade name		140		140		-
Total finite-lived intangible assets		20,660		10,470		10,190
Indefinite-lived intangible assets:
Trademarks		8,369		-		8,369
Total intangible assets	$	29,029	$	10,470	$	18,559

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 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.

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

2023 (remainder)	$	1,549
2024	$	1,971
2025	$	1,762
2026	$	1,153
2027	$	658