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Note 11 - Goodwill and Other Intangible Assets

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Text Block]

NOTE 11 – GOODWILL AND OTHER INTANGIBLE ASSETS

Changes in the carrying value of goodwill and other intangible asset during the nine months ended September 30, 2022:

Historical Cost of Intangible Assets	December 31, 2021		Acquisitions		Foreign Currency			September 30, 2022
Customer relationships	$	7,769	$	200,900	$	(165	)	$	208,504
Technology and drawings		6,750		39,800		(17	)		46,533
Other intangibles		1,997		-		-			1,997
Total finite-lived intangible assets		16,516		240,700		(182	)		257,034
Trade names		2,528		10,700		(3	)		13,225
Goodwill		27,243		228,725		(460	)		255,508
Total	$	46,287	$	480,125	$	(645	)	$	525,767

The major components of Goodwill and other intangible assets are:

	September 30, 2022				December 31, 2021
	Historical Cost		Accumulated Amortization		Historical Cost		Accumulated Amortization
Finite-lived intangible assets:
Customer relationships	$	208,504	$	10,721	$	7,769	$	7,255
Technology and drawings		46,533		5,179		6,750		4,305
Other intangibles		1,997		1,814		1,997		1,641
Total finite-lived intangible assets		257,034		17,714		16,516		13,201
Trade names and trademarks		13,225		-		2,528		-
Goodwill		255,508		-		27,243		-
Total	$	525,767	$	17,714	$	46,287	$	13,201

Amortization expense was $3.1 million and $0.1 million for the third quarter of 2022 and 2021, respectively. Amortization expense was $4.5 million and $0.4 million for the nine months ended 2022 and 2021, respectively. The following table summarizes the future estimated amortization expense relating to our intangible assets as of September 30, 2022 (in thousands):

2022

(three months)

2023

2024

2025

2026

2027

Thereafter

Total

3,208

12,520

12,394

12,363

12,318

12,281

174,236

239,320