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Note 7 - Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2022

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, 2022 and 2021 are as follows (in thousands):

	2022			2021

Opening balance	$	107,905		$	51,838
Acquired in business combinations (See Note 2)		7,140			56,067
DAS working capital adjustment		196			-
DAS opening balance sheet reclassification		(243	)		-
Sale of Molded Fiber		(1,778	)		-
Foreign currency translation		(192	)		-
Ending balance	$	113,028		$	107,905

Approximately $106.0 million of goodwill at December 31, 2022, is deductible for tax purposes

The carrying values of the Company’s definite-lived intangible assets as of December 31, 2022 and 2021 are as follows (in thousands):

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

December 31, 2021	Customer List			Intellectual Property / Tradename & Brand			Non- Compete			Total
Weighted-average useful life	20 years			11.9 years			9.5 years
Gross amount	$	62,328		$	4,994		$	5,245		$	72,567
Accumulated amortization		(4,442	)		(175	)		(365	)	$	(4,982	)
Net balance	$	57,886		$	4,819		$	4,880		$	67,585

Amortization expense related to intangible assets was approximately $4.4 million, $1.3 million, and $1.3 million for the years ended December 31, 2022, 2021, and 2020, respectively. The estimated remaining amortization expense as of December 31, 2022 is as follows (in thousands):

2023	$	4,408
2024		4,401
2025		4,401
2026		4,399
2027		4,397
Thereafter		46,355
Total	$	68,361