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Goodwill and Other Intangible Assets

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets

There were no changes in the carrying amount of goodwill during the three months ended March 31, 2024.

Intangible assets other than goodwill at March 31, 2024 and December 31, 2023 were as follows:

			March 31, 2024																		December 31, 2023																		Useful Life (in years)						Weighted Average Useful Life Remaining (in years)
(in thousands)			Gross						Accumulated Amortization						Net						Gross						Accumulated Amortization						Net
Intangible assets with finite lives:
Marketing assets			$	930					$	(923)					$	7					$	930					$	(900)					$	30					10.0						0.1
Non-compete agreement			830						(628)						202						835						(603)						232						2.0 - 5.0						1.3
Software technology			13,229						(8,096)						5,133						13,229						(7,752)						5,477						10.0						3.8
Software platform			26,136						(7,071)						19,065						26,373						(6,575)						19,798						12.0						8.8
Tradenames			351						(351)						—						354						(347)						7						3.0						0.0
Customer relationships			12,204						(12,204)						—						12,223						(12,183)						40						3.0 - 9.0						0.0
Total intangible assets			$	53,680					$	(29,273)					$	24,407					$	53,944					$	(28,360)					$	25,584

Intangible assets allocated to the Protolabs Network entities consisted 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 $1.6 million and $1.3 million as of March 31, 2024 and December 31, 2023, respectively. Amortization expense for intangible assets was $1.0 million and $1.5 million for each of the three months ended March 31, 2024 and 2023, 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 2024			$	2,736
2025			3,638
2026			3,537
2027			3,527
2028			2,158
Thereafter			8,811
Total estimated amortization expense			$	24,407

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- References

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- Definition

The entire disclosure for goodwill and intangible assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 350
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//350/tableOfContent

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