Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

Goodwill relates to the acquisition of Shoals and ConnectPV, Inc. There were no changes in the carrying amount of goodwill during the six months ended June 30, 2023. Goodwill totaled $69.9 million as of June 30, 2023 and December 31, 2022.

Other Intangible Assets

Other intangible assets, net consists of the following (in thousands):


	Estimated Useful Lives (Years)	June 30, 2023		December 31, 2022
Amortizable:
Costs:
Customer relationships	13	$	53,100	$	53,100
Developed technology	13	34,600		34,600
Trade names	13	11,900		11,900
Backlog	1	600		600
Noncompete agreements	5	2,000		2,000
Total amortizable intangibles		102,200		102,200
Accumulated amortization:
Customer relationships		25,072		22,925
Developed technology		16,191		14,860
Trade names		5,795		5,230
Backlog		600		600
Noncompete agreements		2,000		2,000
Total accumulated amortization		49,658		45,615
Total other intangible assets, net		$	52,542	$	56,585

Amortization expense related to intangible assets amounted to $2.0 million and $2.2 million for the three months ended June 30, 2023 and 2022, respectively, and $4.0 million and $4.5 million for the six months ended June 30, 2023 and 2022, respectively.