XML 20 R11.htm IDEA: XBRL DOCUMENT
v3.22.2.2

Note 5 - Goodwill and Other Intangible Assets | 9 Months Ended
--- | ---
Sep. 30, 2022
Notes to Financial Statements |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 5 – Goodwill and Other Intangible Assets The changes in the carrying amount of goodwill during the nine months ended September 30, 2022 were as follows:
(in thousands) |  | Nine Months Ended September 30, 2022 |
Balance as of the beginning of the period |  | $ | 400,610 |
Goodwill acquired during the period |  |  | - |
Goodwill written off during the period |  |  | (630 | )
Foreign currency translation adjustments |  |  | (16,422 | )
Balance as of the end of the period |  | $ | 383,558 |
Goodwill of $0.6 million was written off as of September 30, 2022, as a result of the Company's decision to close the Japan manufacturing facility and exit the Japan market. The Japan business was in operations through the third quarter of 2022 and the assets are expected to be available for sale in the fourth quarter of 2022. 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. Intangible assets other than goodwill at September 30, 2022 and December 31, 2021 were as follows:
|  | September 30, 2022 |  |  | December 31, 2021 |  |  | 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 |  |  |  | $ (783) |  |  |  | $ 147 |  |  |  | $ 930 |  |  |  | $ (713) |  |  |  | $ 217 |  |  | 10.0 |  |  | 1.5 |
Non-compete agreement |  | 807 |  |  | (448 | ) |  | 359 |  |  | 842 |  |  | (363 | ) |  | 479 |  |  | 2.0 - 5.0 |  |  | 2.3 |
Software technology |  | 13,229 |  |  | (6,041 | ) |  | 7,188 |  |  | 13,229 |  |  | (5,014 | ) |  | 8,215 |  |  | 10.0 |  |  | 5.8 |
Software platform |  | 25,071 |  |  | (3,631 | ) |  | 21,440 |  |  | 26,725 |  |  | (2,262 | ) |  | 24,463 |  |  | 12.0 |  |  | 10.3 |
Tradenames |  | 337 |  |  | (190 | ) |  | 147 |  |  | 359 |  |  | (114 | ) |  | 245 |  |  | 3.0 |  |  | 1.3 |
Customer relationships |  | 12,117 |  |  | (9,491 | ) |  | 2,626 |  |  | 12,252 |  |  | (7,873 | ) |  | 4,379 |  |  | 3.0 - 9.0 |  |  | 1.1 |
Total intangible assets |  | $ | 52,491 |  |  | $ | (20,584 | ) |  | $ | 31,907 |  |  | $ | 54,337 |  |  | $ | (16,339 | ) |  | $ | 37,998 |  |  |  |  |  |  |
Intangible assets have been allocated to the acquired Hubs entities consisting of intangible assets of €11.6 million in Europe and $16.6 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 $2.8 million and $0.9 million as of September 30, 2022 and December 31, 2021, respectively. Amortization expense for intangible assets was $1.5 million and $1.6 million for the three months ended September 30, 2022 and 2021, respectively, and $4.6 million in each of the nine months ended September 30, 2022 and 2021. 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 2022 |  | $ | 1,491 |
2023 |  |  | 5,774 |
2024 |  |  | 3,647 |
2025 |  |  | 3,551 |
2026 |  |  | 3,453 |
Thereafter |  |  | 13,991 |
Total estimated amortization expense |  | $ | 31,907 |

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 https://asc.fasb.org/topic&trid=2144416 + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration