Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

The Company assesses the recoverability of the carrying value of goodwill on a reporting unit basis on October 1 of each year, whenever events occur or changes in circumstances indicate the carrying value of goodwill may not be recoverable. There have been no events or changes in circumstances that would indicate the carrying value of goodwill may not be recoverable through September 30, 2020.

Changes in goodwill during the nine months ended September 30, 2020 and the year ended December 31, 2019 were as follows:


	Goodwill
Goodwill balance at December 31, 2018	$	470
Foreign currency translation	21
Goodwill balance at December 31, 2019	$	491
Foreign currency translation	(12)
Goodwill balance at September 30, 2020	$	479

Intangible Assets

The following sets forth the major categories of the Company’s intangible assets and the weighted-average remaining amortization period as of September 30, 2020 and December 31, 2019.


	September 30, 2020
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted Average Remaining Amortization Period (Years)
Trademarks and Technology	$	34,026	$	(10,630)	$	23,396	10.0
Product acquisition costs	9,708		—		9,708		N/A- See description below
In process research and development ("IPR&D")	388		—		388		N/A- See description below
Customer relationships	3,604		(1,767)		1,837		5.1
Total	$	47,726	$	(12,397)	$	35,329


	December 31, 2019
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted Average Remaining Amortization Period (Years)
Trademarks and Technology	$	39,943	$	(10,885)	$	29,058	10.8
Product acquisition costs	13,103		—		13,103		N/A- See description below
In-process research and development ("IPR&D")	327		—		327		N/A- See description below
Customer relationships	3,658		(1,501)		2,157		5.9
Total	$	57,031	$	(12,386)	$	44,645

Changes in intangibles during the three and nine months ended September 30, 2020 were as follows (in thousands):


	Trademarks and Technology		Product Acquisition costs		IPR&D		Customer Relationships
Balance at June 30, 2020	$	23,111	$	9,372	$	297	$	1,886
Amortization	(574)		—		—		(90)
IPR&D placed in service	—		—		—		—
Loss on impairment	—		—		—		—
Foreign currency translation	859		336		91		41
Balance at September 30, 2020	$	23,396	$	9,708	$	388	$	1,837

	Trademarks and Technology		Product Acquisition costs		IPR&D		Customer Relationships
Balance at December 31, 2019	$	29,058	$	13,103	$	327	$	2,157
Amortization	(1,766)		—		—		(266)
IPR&D placed in service	—		—		—		—
Loss on impairment	(4,861)		(3,512)		—		—
Foreign currency translation	965		117		61		(54)
Balance at September 30, 2020	$	23,396	$	9,708	$	388	$	1,837

Under the provisions of ASC 360-10-55, the Company reviews its intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. The Company recorded impairment charges of $8.4 million in the first quarter of 2020 related to trademarks and technology of $4.9 million and product acquisition costs of $3.5 million. The Company presented the $8.4 million in the impairment charges line on its Condensed Consolidated Statements of Operations for the three months ended March 31, 2020, accordingly. There were no changes to the assumptions made at the first quarter of this year that would suggest further impairment. The Company did not have impairment triggers during the third quarter of 2020 related to its long-lived assets.

The useful lives of the Company’s intangibles are as follows:


Intangibles Category			Amortizable Life
Product Acquisition Costs			10 years
Trademarks and Technology			15 years
Customer Relationships			10 years

IPR&D and Product Acquisition costs will be amortized over their estimated useful lives once products are commercialized.