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Goodwill and Other Intangible Assets
9 Months Ended
Sep. 30, 2023
Goodwill and Other Intangible Assets [Abstract]  
Goodwill and Other Intangible Assets

Note 9—Goodwill and Other Intangible Assets

 

The table below reconciles the change in the carrying amount of goodwill for the period from January 1, 2023 to September 30, 2023

 


 

GRE

Genie Renewables

Total



(in thousands)

Balance at January 1, 2023

 

$ 

9,998

$

$

9,998

Additions/deductions during the period







Balance at September 30, 2023 

 

$

9,998

$

$

9,998

 

The table below presents information on the Company’s other intangible assets:   

 


 

Weighted Average Amortization Period

 

 

Gross Carrying Amount

 

 

Accumulated Amortization

 

 

Net
Balance

 



(in thousands)

September 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

Patents and trademarks

 

 

18.1  years

 

 

$

3,510

 

 

$

(1,325

)

 

$

2,185

 

Customer relationships

 

 

9.0  years

 

 

 

1,100

 

 

 

(744

)

 

 

356

 

Licenses

 

10.0  years

 

 

 

479

 

 

 

(186

)

 

 

293

 

Total 

 

 

 

 

$

5,089

 

 

$

(2,255

)

 

$

2,834

 

December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Patent and trademark

 

 

18.1 years

 

 

$

3,510

 

 

$

(1,154

)

 

$

2,356

 

Customer relationships

 

 

9.0 years

 

 

 

1,100

 

 

 

(652

)

 

 

448

 

Licenses

 

 

10.0 years

  

 

 

479

 

 

 

(150

)

 

 

329

 

Total

 

 

 

 

$

5,089

 

 

$

(1,956

)

 

$

3,133

 

 

Amortization expense of intangible assets was $0.1 million and $0.3 million in the three and nine months ended September 30, 2023, respectively. Amortization expense of intangible assets was $0.1 million and $0.3 million in the three and nine months ended September 30, 2022, respectively. The Company estimates that amortization expense of intangible assets will be $0.1 million, $0.4 million, $0.4 million, $0.3 million, $0.3 million and $1.4 million for the remainder of 2023, and for 2024, 2025, 2026, 2027 and thereafter, respectively.