Note 5 - Goodwill and Other Intangible Assets

9 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Goodwill and Intangible Assets Disclosure [Text Block]

5. Goodwill and Other Intangible Assets

There was no change to goodwill during the nine months ended September 30, 2023. Other intangible assets consist of the following:

	September 30, 2023						December 31, 2022
	Gross				Net		Gross				Net
	Carrying		Accumulated		Carrying		Carrying		Accumulated		Carrying
	Value		Amortization		Value		Value		Amortization		Value
	(in thousands)
Product technology and intellectual property	$	29,549	$	15,381	$	14,168	$	29,549	$	13,319	$	16,230
Trademarks, tradenames and licenses		3,767		1,870		1,897		3,647		1,533		2,114
Customer relationships		37,171		10,341		26,830		36,197		8,359		27,838
Other intangible assets		1,643		1,339		304		1,461		1,116		345
Total identifiable intangible assets	$	72,130	$	28,931	$	43,199	$	70,854	$	24,327	$	46,527

These assets are being amortized over useful lives ranging from 2 to 16 years. The weighted-average amortization period for these intangibles as of September 30, 2023 is 10.3 years. Amortization expense is included in general and administrative expense and was as follows for the periods indicated.

	Three months ended September 30,				Nine months ended September 30,
	2023		2022		2023		2022
	(in thousands)				(in thousands)
Amortization expense	$	1,536	$	1,535	$	4,604	$	4,647

We estimate that amortization expense for the remainder of 2023 and for each of the five succeeding fiscal years will be as follows:

	Year ended December 31,
	2023		2024		2025		2026		2027		2028
	(in thousands)
Amortization expense	$	1,488	$	5,904	$	5,554	$	5,119	$	4,842	$	4,456