Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Changes in the carrying amount of goodwill for the year ended December 31, 2021 and December 31, 2020 are as follows:


(in thousands)			Amount
Balance as of December 31, 2019			$6,323
Foreign currency translation			602
Balance as of December 31, 2020			6,925
Foreign currency translation			(545)
Impairment of goodwill			(6,380)
Balance as of December 31, 2021			$—

As a result of the operating segment realignment discussed in Note 19 - Segment and Geographical Information, the composition of the Company's reporting units for the evaluation of goodwill impairment has changed. Historically, the Company's reporting units were identified at the operating segment level, which consisted of AgroFresh Core and AgroFresh Fruit Protection (formerly Tecnidex) and all of the Company's goodwill was assigned to the AgroFresh Fruit Protection reporting unit. Effective December 31, 2021, the Company concluded that it has one operating segment and one reporting unit, which resulted in the reassignment of its goodwill to its stand-alone reporting unit. Prior to the change, the Company tested goodwill for impairment at the previous reporting unit, which did not result in any impairment charge. Based upon the Company's impairment assessment at the new reporting unit (consolidated AgroFresh), we determined the carrying amount of the consolidated entity exceeded its fair value. As a result, the Company recorded $6.4 million in goodwill impairment charges during the year ended December 31, 2021.

The Company’s other intangible assets at December 31, 2021 and December 31, 2020 consisted of the following:


	December 31
	2021			2020
(in thousands)	Gross Carrying Amount	Accumulated Amortization	Net		Gross Carrying Amount	Accumulated Amortization	Net
Intangible assets with finite lives:
Developed technology	$798,669	($293,920)	$504,749		$798,260	($254,629)	$543,631
Customer relationships	19,778	(6,948)	12,830		19,072	(4,042)	15,030
Software	10,992	(10,235)	757		10,865	(9,693)	1,172
Trade name	3,635	(727)	2,908		—	—	—
Other	100	(92)	8		100	(75)	25
Total intangible assets with finite lives	833,174	(311,922)	521,252		828,297	(268,439)	559,858
Intangible assets with indefinite lives:
Trade name	23,400	—	23,400		27,343	—	27,343
Service provider network	2,000	—	2,000		2,000	—	2,000
Total intangible assets with indefinite lives	25,400	—	25,400		29,343	—	29,343
Total intangible assets	$858,574	($311,922)	$546,652		$857,640	($268,439)	$589,201

During 2021, the Company reclassified $3.6 million of trade name to finite-lived intangibles as the Company began marketing Tecnidex branded products under the AgroFresh trade name. The Tecnidex trade name is still held as a defensive asset and is being amortized over its estimated useful life of 2.5 years, resulting in $0.7 million of amortization expense recognized for the year ended December 31, 2021.

At December 31, 2021, the weighted-average amortization periods remaining for developed technology, customer relationships, software, trade name and other was 13.4, 11.3, 2.1, 2.1 and 0.5 years, respectively. At December 31, 2021, the weighted-average amortization periods remaining for these finite-lived intangible assets was 13.3 years.

Amortization expense for intangible assets was $43.0 million, $43.7 million and $81.1 million for the years ended December 31, 2021, 2020 and 2019, respectively.

Estimated annual amortization expense for finite-lived intangible assets subsequent to December 31, 2021 is as follows:


(in thousands)			Amount
2022			$42,561
2023			42,450
2024			40,829
2025			40,685
2026			40,441
Thereafter			314,286
Total			$521,252