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Note 8 - Goodwill and Other Intangible Assets
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Intangible Assets Disclosure [Text Block]
(8)

Goodwill and Other Intangible Assets

 

The changes in the carrying amount of goodwill for the years ended December 31, 2024 and 2023 are as follows (in thousands):

 

   

2024

    

2023

  
                 

Opening balance

   $ 113,263     $ 113,028  

Acquired in Marble Medical business combination

     2,564       -  

Acquired in AJR Enterprises business combination

     35,628       -  

Acquired in Welch Fluorocarbon business combination

     17,135       -  

Acquired in AQF business combination

     22,925       -  

Foreign currency translation

     (1,858 )     235  

Ending balance

   $ 189,657     $ 113,263  

 

The carrying values of the Company’s definite-lived intangible assets as of December 31, 2024 and 2023 are as follows (in thousands):

 

December 31, 2024

  

Customer
List

    

Intellectual Property

    

Tradename & Brand

    

Non-
Compete

    

Total

  

Weighted-average amortization period (years)

     20       12.3       13.2       8.8          

Gross amount

   $ 129,527     $ 27,482     $ 1,013     $ 6,699     $ 164,721  

Accumulated amortization

     (15,655 )     (2,401 )     (268 )     (2,145 )   $ (20,469 )

Net balance

   $ 113,872     $ 25,081     $ 745     $ 4,554     $ 144,252  

 

December 31, 2023 (a)

  

Customer
List

    

Intellectual Property

    

Tradename & Brand

    

Non-
Compete

    

Total

  

Weighted-average amortization period (years)

     20       12       10.0       9.3          

Gross amount

   $ 65,270     $ 6,767     $ 367     $ 5,505     $ 77,909  

Accumulated amortization

     (10,932 )     (1,114 )     (217 )     (1,530 )   $ (13,793 )

Net balance

   $ 54,338     $ 5,653     $ 150     $ 3,975     $ 64,116  

 

 

(a)

Note – This table has been updated to conform to the current year presentation.

 

Amortization expense related to intangible assets was approximately $6.7 million, $4.4 million, and $4.4 million for the years ended December 31, 2024, 2023, and 2022, respectively. The estimated remaining amortization expense as of December 31, 2024 is as follows (in thousands):

 

2025

   $ 9,533  

2026

     9,530  

2027

     9,478  

2028

     9,433  

2029

     9,404  

Thereafter

     96,874  

Total

   $ 144,252