XML 25 R15.htm IDEA: XBRL DOCUMENT

Note 8 - Goodwill & Identified Intangible Assets

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Text Block]

8. GOODWILL & IDENTIFIED INTANGIBLE ASSETS

There was no change in goodwill during the six months ended June 30, 2024.

Intangible assets other than goodwill at the respective balance sheet dates consisted of the following:

	June 30, 2024
	Gross		Accumulated			Carrying
($ in thousands)	Amount		Amortization			Amount
Indefinite-lived intangible assets
Trademarks	$	78,654				$	78,654
Intangible assets subject to amortization
Patents		895	$	(855	)		40
Customer relationships		41,659		(9,133	)		32,526
Total Intangible assets other than goodwill	$	121,208	$	(9,988	)	$	111,220

	December 31, 2023
	Gross		Accumulated			Carrying
($ in thousands)	Amount		Amortization			Amount
Indefinite-lived intangible assets
Trademarks	$	78,654				$	78,654
Intangible assets subject to amortization
Patents		895	$	(845	)		50
Customer relationships		41,659		(7,745	)		33,914
Total Intangible assets other than goodwill	$	121,208	$	(8,590	)	$	112,618

	June 30, 2023
	Gross		Accumulated			Carrying
($ in thousands)	Amount		Amortization			Amount
Indefinite-lived intangible assets
Trademarks ⁽¹⁾	$	78,659				$	78,659
Intangible assets subject to amortization
Patents		895	$	(836	)		59
Customer relationships ⁽²⁾		41,659		(6,358	)		35,301
Total Intangible assets other than goodwill	$	121,213	$	(7,194	)	$	114,019

⁽¹⁾Servus trademarks were reduced from approximately $2.5 million to zero at March 30, 2023 as a result of the sale of the Servus brand (see Note 4 - Sale of Servus Brand and Related Assets).

⁽²⁾ Customer relationships relating to the Servus brand of approximately $4.3 million and related amortization of approximately $0.6 million was reduced to zero at March 30, 2023 as a result of the sale of the Servus brand (see Note 4 - Sale of Servus Brand and Related Assets).

The weighted average life of patents and customer relationships is 3.4 years and 11.8 years, respectively.

Amortization expense for intangible assets subject to amortization for each of the three months ended June 30, 2024 and 2023 was $0.7 million. Amortization expense for intangible assets subject to amortization for the six months ended June 30, 2024 and 2023 was $1.4 million and $1.5 million, respectively.

As of June 30, 2024, a schedule of approximate expected remaining amortization expense related to intangible assets for the years ending December 31 is as follows:

	Amortization
($ in thousands)	Expense
2024	$	1,397
2025		2,790
2026		2,788
2027		2,785
2028		2,781
2029		2,779
2030+		17,246