Note 5 - Goodwill and Other Intangibles

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Goodwill and Intangible Assets Disclosure [Text Block]

5. Goodwill and Other Intangibles

Goodwill consists of the following:

	As of December 31,
	2023		2022
Balance at beginning of year	$	65,945	$	65,945
Additions for acquisitions		-		-
Purchase accounting adjustments		-		-
Effects of currency exchange		-		-
Balance at end of year	$	65,945	$	65,945

Other intangibles consist of the following:

	December 31, 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	$	16,048	$	13,501	$	29,549	$	13,319	$	16,230
Trademarks, tradenames and licenses		3,767		1,909		1,858		3,647		1,533		2,114
Customer relationships		37,171		11,064		26,107		36,197		8,359		27,838
Other intangible assets		1,643		1,398		245		1,461		1,116		345
Total identifiable intangible assets	$	72,130	$	30,419	$	41,711	$	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 December 31, 2023, is 9.3 years. Amortization expense is included in general and administrative expense and is as follows:

	Year ended December 31,
	2023		2022		2021
			(in thousands)
Amortization expense	$	6,092	$	6,183	$	6,195

Estimated amortization expense for each of the next five fiscal years, based upon the intangible assets at December 31, 2023, is as follows:

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