Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Note 6. Goodwill and Other Intangible Assets

Acquired Intangible Assets

Acquired identifiable intangible assets, and related accumulated amortization, as of June 30, 2022 and December 31, 2021 consist of:


	June 30, 2022
	Gross Carrying Value			Accumulated Amortization			Net Book Value
	(in thousands)
Customer relationships	$	8,355		$	6,667		$	1,688
Tradenames		3,066			884			2,182
Developed technology		1,884			574			1,310
Foreign currency		(1,363	)		(1,309	)		(54	)
Total Intangible Assets	$	11,942		$	6,816		$	5,126


	December 31, 2021
	Gross Carrying Value			Accumulated Amortization			Net Book Value
	(in thousands)
Customer relationships	$	8,355		$	6,315		$	2,040
Tradenames		3,066			730			2,336
Developed technology		1,884			440			1,444
Foreign currency		(896	)		(865	)		(32	)
Total Intangible Assets	$	12,409		$	6,620		$	5,788

In connection with the October 2012 acquisition of TB Europe, the acquired intangible assets related to customer relationships is being amortized over an estimated useful life of thirteen years with the amortization being included within sales and marketing expense.

In May 2019, the Company completed its acquisition of the business and assets of the ROCCAT business, and in January 2021, the Company completed its acquisition of the business and assets of the Neat Microphones business. The respective acquired intangible assets relating to developed technology, customer relationships and trade names are subject to amortization.

Amortization expense related to definite lived intangible assets of $0.3 million and $0.6 million was recognized for the three and six months ended June 30, 2022, respectively, and $0.3 million and $0.6 million was recognized for the three and six months ended June 30, 2021, respectively.

As of June 30, 2022, estimated annual amortization expense related to definite lived intangible assets in future periods is as follows:


	(in thousands)
2022	$	638
2023		1,041
2024		1,008
2025		889
2026		637
Thereafter		967
Total	$	5,180

There were no changes in the carrying values of goodwill for the three months ended June 30, 2022 from the balance as of December 31, 2021.