XML 55 R15.htm IDEA: XBRL DOCUMENT
v3.22.1

Note 6 - Goodwill and Intangible Assets | 12 Months Ended
--- | ---
Dec. 31, 2021
Notes to Financial Statements |
Goodwill and Intangible Assets Disclosure [Text Block] |
6. | Goodwill and intangible assets
Goodwill The following table represents the changes in the carrying value of goodwill for the years ended December 31, 2021 and 2020:
(In thousands) |  | Goodwill |
Balance as of December 31, 2019 |  | $ | 33,637 |
Correction of an error related to CBS goodwill |  |  | (131 | )
Goodwill related to SciSafe acquisition |  |  | 24,943 |
Balance as of December 31, 2020 |  |  | 58,449 |
Goodwill related to Global Cooling acquisition |  |  | 137,822 |
Goodwill related to Sexton acquisition |  |  | 28,470 |
Balance as of December 31, 2021 |  | $ | 224,741 |
We adjusted goodwill from the CBS Acquisition related to an immaterial error of $131,000 in payables that were paid during closing and incorrectly recorded as liabilities in our purchase price accounting as of December 31, 2019. We reduced our goodwill and accounts payable by $131,000 in the year ended December 31, 2020. Intangible assets Intangible assets, net consisted of the following as of December 31, 2021 and 2020:
(In thousands, except weighted average useful life) |  | December 31, 2021 |  |  |  |  |
Intangible assets: |  | Gross Carrying Value |  |  | Accumulated Amortization |  |  | Net Carrying Value |  |  | Weighted Average Useful Life (in years) |
Customer Relationships |  | $ | 17,516 |  |  | $ | (1,776 | ) |  | $ | 15,740 |  |  |  | 10.3 |
Tradenames |  |  | 35,574 |  |  |  | (2,306 | ) |  |  | 33,268 |  |  |  | 13.8 |
Technology - acquired |  |  | 41,942 |  |  |  | (7,789 | ) |  |  | 34,153 |  |  |  | 5.9 |
Non-compete agreements |  |  | 1,990 |  |  |  | (442 | ) |  |  | 1,548 |  |  |  | 3.0 |
In-process research and development⁽¹⁾ |  |  | 67,440 |  |  |  | - |  |  |  | 67,440 |  |  |  | N/A |
Total intangible assets |  | $ | 164,462 |  |  | $ | (12,313 | ) |  | $ | 152,149 |  |  |  | 9.8 |
|  | December 31, 2020 |  |  |  |  |
Intangible assets: |  | Gross Carrying Value |  |  | Accumulated Amortization |  |  | Net Carrying Value |  |  | Weighted Average Useful Life (in years) |
Customer Relationships |  | $ | 8,220 |  |  | $ | (330 | ) |  | $ | 7,890 |  |  |  | 12.8 |
Tradenames |  |  | 6,610 |  |  |  | (508 | ) |  |  | 6,102 |  |  |  | 14.0 |
Technology - acquired |  |  | 19,670 |  |  |  | (3,232 | ) |  |  | 16,438 |  |  |  | 7.1 |
Non-compete agreements |  |  | 660 |  |  |  | (41 | ) |  |  | 619 |  |  |  | 3.8 |
Total intangible assets |  | $ | 35,160 |  |  | $ | (4,111 | ) |  | $ | 31,049 |  |  |  | 9.7 |
(1) | In-process R&D represents the fair value of incomplete research and development that has not yet reached technological feasibility. We will amortize the asset upon technological feasibility.
Amortization expense for finite-lived intangible assets was $8.2 million, $3.0 million, and $1.1 million for the years ended December 31, 2021, 2020, and 2019, respectively. As of December 31, 2021, the Company expects to record the following amortization expense:
(In thousands) |  |  |  |
For the Years Ending December 31, |  | Estimated Amortization Expense |
2022 |  | $ | 11,421 |
2023 |  |  | 10,951 |
2024 |  |  | 10,126 |
2025 |  |  | 9,748 |
2026 |  |  | 9,346 |
Thereafter |  |  | 33,117 |
Total |  | $ | 84,709 |

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 http://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