Note 7 - Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Intangible Assets Disclosure [Text Block]

(7) Goodwill and Other Intangible Assets

The changes in the carrying amount of goodwill for the years ended December 31, 2023 and 2022 are as follows (in thousands):

	2023		2022
Opening balance	$	113,028	$	107,905
Acquired in business combinations (See Note 2)		-		7,140
DAS working capital adjustment		-		196
DAS opening balance sheet reclassification		-		(243	)
Sale of Molded Fiber		-		(1,778	)
Foreign currency translation		235		(192	)
Ending balance	$	113,263	$	113,028

The carrying values of the Company’s definite-lived intangible assets as of December 31, 2023 and 2022 are as follows (in thousands):

December 31, 2023	Customer List			Intellectual Property / Tradename & Brand			Non- Compete			Total
Weighted-average useful life	20 years			11.9 years			9.3 years
Gross amount	$	65,270		$	7,134		$	5,505		$	77,909
Accumulated amortization		(10,932	)		(1,331	)		(1,530	)	$	(13,793	)
Net balance	$	54,338		$	5,803		$	3,975		$	64,116

December 31, 2022	Customer List			Intellectual Property / Tradename & Brand			Non- Compete			Total
Weighted-average useful life	20 years			11.9 years			9.3 years
Gross amount	$	65,174		$	7,064		$	5,497		$	77,735
Accumulated amortization		(7,665	)		(727	)		(982	)	$	(9,374	)
Net balance	$	57,509		$	6,337		$	4,515		$	68,361

Amortization expense related to intangible assets was approximately $4.4 million, $4.4 million, and $1.3 million for the years ended December 31, 2023, 2022, and 2021, respectively. The estimated remaining amortization expense as of December 31, 2023 is as follows (in thousands):

2024	$	4,401
2025		4,401
2026		4,399
2027		4,397
2028		4,350
Thereafter		42,168
Total	$	64,116