Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill and Intangible Assets

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 June 30, 2021.

Changes in the carrying amount of goodwill during the six months ended June 30, 2021, and the year ended December 31, 2020 consisted of the following: 

Dollars in thousands	Goodwill
Goodwill balance at December 31, 2019	$	491
Foreign currency translation	10
Goodwill balance at December 31, 2020	$	501
Foreign currency translation	17
Goodwill balance at June 30, 2021	$	518

As of June 30, 2021 and December 31, 2020, there were no accumulated or annual impairment losses.

Intangible Assets

The following sets forth the major categories of the Company’s intangible assets and the weighted-average remaining amortization period as of June 30, 2021, and December 31, 2020 (in thousands).

	June 30, 2021
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted Average Remaining Amortization Period (Years)
Trademarks and Technology	$	26,537	$	(9,174)	$	17,363	9.4
Product acquisition costs	29		—		29		N/A- See description below
In process research and development ("IPR&D")	72		—		72		N/A- See description below
Customer relationships	3,749		(2,052)		1,697		4.4
Total	$	30,387	$	(11,226)	$	19,161

	December 31, 2020
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted Average Remaining Amortization Period (Years)
Trademarks and Technology	$	28,893	$	(8,172)	$	20,721	9.5
Product acquisition costs	76		—		76		N/A- See description below
In-process research and development ("IPR&D")	337		—		337		N/A- See description below
Customer relationships	3,689		(1,859)		1,830		4.9
Total	$	32,995	$	(10,031)	$	22,964

Changes in intangibles during the three and six months ended June 30, 2021 were as follows (in thousands):

	Trademarks and Technology		Product Acquisition costs		IPR&D		Customer Relationships
Balance at March 31, 2021	$	17,642	$	25	$	47	$	1,759
Amortization	(508)		—		—		(98)
IPR&D placed in service	—		—		—		—
Loss on impairment	—		—		—		—
Foreign currency translation	229		4		25		36
Balance at June 30, 2021	$	17,363	$	29	$	72	$	1,697
	Trademarks and Technology		Product Acquisition costs		IPR&D		Customer Relationships
Balance at December 31, 2020	$	20,721	$	76	$	337	$	1,830
Amortization	(1,003)		—		—		(192)
IPR&D placed in service	—		—		—		—
Loss on impairment	—		—		—		—
Foreign currency translation	(2,355)		(47)		(265)		59
Balance at June 30, 2021	$	17,363	$	29	$	72	$	1,697

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. There were no changes to the assumptions that would suggest further impairment. The Company did not have impairment triggers during the second quarter of 2021 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.