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Goodwill and Other Intangible Assets | 9 Months Ended
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Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | Note 7. Goodwill and Other Intangible Assets Acquired Intangible Assets Acquired identifiable intangible assets, and related accumulated amortization, as of September 30, 2024 and December 31, 2023 consisted of:
|  | September 30, 2024 |
|  | Gross Carrying Value |  |  | Accumulated Amortization |  |  | Net Book Value |
|  | (in thousands) |
Customer relationships |  | $ | 12,541 |  |  | $ | 8,053 |  |  | $ | 4,488 |
Tradenames |  |  | 18,673 |  |  |  | 4,178 |  |  |  | 14,495 |
Developed technology |  |  | 29,590 |  |  |  | 4,066 |  |  |  | 25,524 |
Foreign currency |  |  | (932 | ) |  |  | (969 | ) |  |  | 37 |
Total Intangible Assets (1) |  | $ | 59,872 |  |  | $ | 15,328 |  |  | $ | 44,544 |
|  | December 31, 2023 |
|  | Gross Carrying Value |  |  | Accumulated Amortization |  |  | Net Book Value |
|  | (in thousands) |
Customer relationships |  | $ | 8,085 |  |  | $ | 7,214 |  |  | $ | 871 |
Tradenames |  |  | 3,066 |  |  |  | 2,607 |  |  |  | 459 |
Developed technology |  |  | 1,884 |  |  |  | 1,613 |  |  |  | 271 |
Foreign currency |  |  | (1,159 | ) |  |  | (1,292 | ) |  |  | 133 |
Total Intangible Assets (1) |  | $ | 11,876 |  |  | $ | 10,142 |  |  | $ | 1,734 |
(1) The accumulated amortization includes $1.9 million of accumulated impairment charges as of September 30, 2024 and December 31, 2023. In May 2019, the Company completed its acquisition of the business and assets of ROCCAT. The acquired intangible assets relating to developed technology, customer relationships, and trade name are subject to amortization. In January 2021, the Company completed its acquisition of the business and assets relating to the Neat Microphones business. The acquired intangible assets relating to developed technology, customer relationships, and trade name are subject to amortization. In March 2024, the Company completed its acquisition of the business and assets of PDP. The acquired intangible assets relating to developed technology, customer relationships, and trade name are subject to amortization. Refer to Note 3, “Acquisitions” for additional information related to PDP’s identifiable intangible assets. Amortization expense related to definite lived intangible assets of $2.1 million and $4.8 million was recognized for the three and nine months ended September 30, 2024, respectively, and $0.2 million and $0.8 million was recognized for the three and nine months ended September 30, 2023, respectively. As of September 30, 2024, estimated annual amortization expense related to definite lived intangible assets in future periods was as follows:
|  | (in thousands) |
2024 |  | $ | 2,146 |
2025 |  |  | 8,016 |
2026 |  |  | 7,761 |
2027 |  |  | 7,591 |
Thereafter |  |  | 18,993 |
Total |  | $ | 44,507 |
Changes in the carrying values of goodwill for the nine months ended September 30, 2024 from the balance as of December 31, 2023.
|  | (in thousands) |
Balance as of January 1, 2024 |  | $ | 10,686 |
PDP acquisition |  |  | 46,014 |
Balance as of September 30, 2024 |  | $ | 56,700 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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