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Note 7 - Goodwill & Identified Intangible Assets

6 Months Ended

Jun. 30, 2025

Goodwill and Intangible Assets Disclosure [Text Block]

7. GOODWILL & IDENTIFIED INTANGIBLE ASSETS

There was no change in goodwill during the six months ended June 30, 2025.

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

	June 30, 2025
	Gross		Accumulated			Accumulated			Carrying
($ in thousands)	Amount		Amortization			Impairment⁽¹⁾			Amount
Indefinite-lived intangible assets
Trademarks	$	78,654		-		$	(4,000	)	$	74,654
Intangible assets subject to amortization										-
Patents		895	$	(868	)		-			27
Customer relationships		41,659		(11,912	)		-			29,747
Total intangible assets other than goodwill	$	121,208	$	(12,780	)	$	(4,000	)	$	104,428

⁽¹⁾Relates to the impairment of the Muck brand for the year ended December 31, 2024.

	December 31, 2024
	Gross		Accumulated			Accumulated			Carrying
($ in thousands)	Amount		Amortization			Impairment⁽¹⁾			Amount
Indefinite-lived intangible assets
Trademarks	$	78,654				$	(4,000	)	$	74,654
Intangible assets subject to amortization
Patents		895	$	(863	)		-			32
Customer relationships		41,659		(10,522	)		-			31,137
Total intangible assets other than goodwill	$	121,208	$	(11,385	)	$	(4,000	)	$	105,823

⁽¹⁾Relates to the impairment of the Muck brand for the year ended December 31, 2024.

	June 30, 2024
	Gross		Accumulated			Accumulated		Carrying
($ in thousands)	Amount		Amortization			Impairment		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

The weighted average life of patents and customer relationships is 2.7 years and 10.8 years, respectively.

Amortization expense for intangible assets subject to amortization for each of the three months ended June 30, 2025 and 2024 was $0.7 million. Amortization expense for intangible assets subject to amortization for the six months ended June 30, 2025 and 2024 was $1.4 million.

As of June 30, 2025, a schedule of approximate expected remaining amortization expense related to intangible assets for the years ending December 31 is as follows:

		Amortization
($ in thousands)	Year	Expense
	2025	$	1,395
	2026		2,788
	2027		2,785
	2028		2,781
	2029		2,779
	2030+		17,246
	Total	$	29,774