Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

NOTE 5. GOODWILL AND INTANGIBLE ASSETS

Goodwill

Our annual impairment testing date is October 1. The Company determined, after performing the qualitative analysis that there was no evidence that it is more likely than not that the fair value of Goodwill was less than the carrying amount. Therefore, it was not necessary to perform a quantitative impairment test. As of December 31, 2023 and 2022, goodwill was $25,465.

Intangibles

Intangible assets as of December 31, 2023 are as follows:


	Estimated Useful Life (in years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Trademarks and tradenames, indefinite-lived	Indefinite	$	987	$	—	$	987
Patents, definite-lived	17.6		7,900		2,649		5,251
Customer relationships	3-7		1,733		567		1,165
Developed technology	12		17,690		3,424		14,267
Other intangibles	3		30		26		4
Total intangible assets, net		$	28,340	$	6,666	$	21,674

Intangible assets as of December 31, 2022, are as follows:


	Estimated Useful Life (in years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Trademarks, indefinite-lived	Indefinite	$	901	$	—	$	901
Patents, definite-lived	16.5		6,671		2,370		4,301
Customer relationships	3-7		1,733		279		1,454
Developed technology	12		17,690		1,973		15,717
Other intangibles	3		30		16		14
Total intangible assets, net		$	27,025	$	4,638	$	22,387

Amortization expense is included in Selling, general, and administrative expenses and was $2,027, $2,904 and $1,372 for the years ended December 31, 2023, 2022 and 2021, respectively.

Expected future amortization expense is as follows:


2024	$	1,981
2025		1,940
2026		1,940
2027		1,940
2028		1,929

No impairment charges related to intangible assets and goodwill were recorded for the years ended December 31, 2023, 2022 and 2021.