Intangible Assets and Goodwill

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

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	September 30, 2023		December 31, 2022
Amortizable intangibles
Certification	7 years	$	350	$	350
Customer relationships	10-20 years	160,418		160,040
Patents and processes	5-10 years	14,731		14,634
Brand names	5-15 years	31,778		24,633
Total amortizable intangibles		207,277		199,657
Less accumulated amortization		(75,872)		(62,085)
Total net amortizable intangibles		131,405		137,572
Non-amortizable intangibles
Trademarks and other		33,239		33,239
In-process research and development		—		1,668
Intangible assets, net of accumulated amortization		$	164,644	$	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 September 30, 2023 and 2022 was $4.5 million and $4.6 million, respectively. Amortization expense for the nine months ended September 30, 2023, and 2022 was $15.3 million and $13.6 million, respectively. During the nine months ended September 30, 2023, the Company opted out of the final acquired project included in in-process research and development, effectively abandoning the associated research and development effort. Accordingly, the Company wrote off the associated intangible asset of $1.7 million in the Products segment, the expense for which is included as amortization expense in selling, general and administrative expenses on the condensed consolidated statement of operations for the nine months ended September 30, 2023.

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


Years ending December 31, ($'s in 000's)
Remainder of 2023	$	4,510
2024	15,839
2025	15,110
2026	14,415
2027	13,702
Thereafter	67,829

The following is a summary of the changes in the carrying value of goodwill for the period from January 1, 2022 to September 30, 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	20,641		—		20,641
Foreign currency translation	248		—		248
Goodwill as of September 30, 2023	$	204,195	$	—	$	204,195