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Note 5 - Goodwill and Other Intangible Assets | 3 Months Ended
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Mar. 31, 2021
Notes to Financial Statements |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 5 – Goodwill and Other Intangible Assets Goodwill at March 31, 2021 and December 31, 2020 was as follows:
(in thousands) |  | Three Months Ended March 31, 2021 |
Balance as of the beginning of the period |  | $ | 128,752 |
Goodwill acquired during the period |  |  | 275,438 |
Foreign currency translation adjustments |  |  | (4,764 | )
Balance as of the end of the period |  | $ | 399,426 |
Goodwill increased $275.4 million during the three months ended March 31, 2021 as a result of our acquisition of 3D Hubs. Goodwill has been allocated to the acquired 3D Hubs entities consisting of goodwill of €104.0 million in Europe and $148.8 million in the United States as of the date of the acquisition. The Euro denominated goodwill is translated at the end of each period using the current exchange rates resulting in a foreign currency translation adjustment that is recorded as a component of Other Comprehensive Income. The goodwill related to the acquisition is not deductible for tax purposes. Intangible assets other than goodwill at March 31, 2021 and December 31, 2020 were as follows:
|  | March 31, 2021 |  |  | December 31, 2020 |  |  | Useful |  | Weighted Average
(in thousands) |  | Gross |  |  | Accumulated Amortization |  |  | Net |  |  | Gross |  |  | Accumulated Amortization |  |  | Net |  |  | Life (in years) |  | Useful Life Remaining (in years)
Intangible assets with finite lives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Marketing assets |  | $ | 930 |  |  | $ | (643 | ) |  | $ | 287 |  |  | $ | 930 |  |  | $ | (620 | ) |  | $ | 310 |  |  | 10.0 |  | 3.0
Non-compete agreement |  |  | 850 |  |  |  | (264 | ) |  |  | 586 |  |  |  | 270 |  |  |  | (238 | ) |  |  | 32 |  |  | 2.0 - 5.0 |  | 3.5
Software technology |  |  | 13,229 |  |  |  | (3,987 | ) |  |  | 9,242 |  |  |  | 13,229 |  |  |  | (3,645 | ) |  |  | 9,584 |  |  | 10.0 |  | 7.3
Software platform |  |  | 30,916 |  |  |  | (598 | ) |  |  | 30,318 |  |  |  | - |  |  |  | - |  |  |  | - |  |  | 10.0 |  | 9.8
Tradenames |  |  | 364 |  |  |  | (23 | ) |  |  | 341 |  |  |  | - |  |  |  | - |  |  |  | - |  |  | 3.0 |  | 2.8
Customer relationships |  |  | 12,281 |  |  |  | (6,172 | ) |  |  | 6,109 |  |  |  | 10,070 |  |  |  | (5,646 | ) |  |  | 4,424 |  |  | 3.0 - 9.0 |  | 2.6
Total intangible assets |  | $ | 58,570 |  |  | $ | (11,687 | ) |  | $ | 46,883 |  |  | $ | 24,499 |  |  | $ | (10,149 | ) |  | $ | 14,350 |  |  |  |  |
Intangible assets increased $34.7 million during the three months ended March 31, 2021 as a result of our acquisition of 3D Hubs. Intangible assets have been allocated to the acquired 3D Hubs entities consisting of intangible assets of €13.1 million in Europe and $18.7 million in the United States as of the date of the acquisition. The Euro denominated intangible assets are translated at the end of each period using the current exchange rates resulting in a foreign currency translation adjustment that is recorded as a component of Other Comprehensive Income. Foreign currency losses related to intangible assets were $0.6 million as of March 31, 2021. There was no foreign currency translation impact as of December 31, 2020. Amortization expense for intangible assets was $1.5 million and $0.8 million for the three months ended March 31, 2021 and 2020, respectively. Estimated aggregated amortization expense based on the current carrying value of the amortizable intangible assets and current exchange rates is as follows:
(in thousands) |  | Estimated Amortization Expense |
Remaining 2021 |  | $ | 5,311 |
2022 |  |  | 7,082 |
2023 |  |  | 6,879 |
2024 |  |  | 4,665 |
2025 |  |  | 4,577 |
Thereafter |  |  | 18,369 |
Total estimated amortization expense |  | $ | 46,883 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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