Intangible Assets and Goodwill

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

Note 4 — Intangible Assets and Goodwill

Goodwill and non-amortizable intangible assets

Intangible assets consist of the following at:

$'s in 000's	Useful Lives	March 31, 2023		December 31, 2022
Amortizable intangibles
Certification	7 years	$	350	$	350
Customer relationships	12-20 years	160,360		160,040
Patents and processes	5-10 years	14,634		14,634
Brand names	5-15 years	32,233		24,633
Total amortizable intangibles		207,577		199,657
Less accumulated amortization		(66,339)		(62,085)
Total net amortizable intangibles		141,238		137,572
Non-amortizable intangibles
Trademarks and other		33,239		33,239
In-process research and development		1,668		1,668
Intangible assets, net of accumulated amortization		$	176,145	$	172,479

Certain intangible assets are denominated in currencies other than the U.S. Dollar; therefore, their gross and net carrying values are subject to foreign currency movements. Amortization expense for the three months ended March 31, 2023 and 2022 was $4.3 million and $4.5 million, respectively.

Estimated future amortization expense for each of the following years is as follows:

Years ending December 31, ($'s in 000's)
Remainder of 2023	$	13,731
2024	15,686
2025	15,011
2026	14,356
2027	13,685
Thereafter	68,769

The following is a summary of the changes in the carrying value of goodwill for the period from January 1, 2021 to March 31, 2023:

	Reporting Unit
($'s in 000's)	Products		Services		Total
Goodwill as of January 1, 2022	183,846		47,264		231,110
Foreign currency translation	(540)		—		(540)
Impairment	—		(47,264)		(47,264)
Goodwill as of December 31, 2022	183,306		—		183,306
R&R Acquisition	20,226		—		20,226
Foreign currency translation	41		—		41
Goodwill as of March 31, 2023	$	203,573	$	—	$	203,573