XML 29 R13.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Goodwill and Intangible Assets | 12 Months Ended
--- | ---
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill represents the excess of the purchase price over the net amount of identifiable assets acquired and liabilities assumed in a business combination measured at fair value. The Company evaluates goodwill for impairment annually on October 1 of each year and upon the occurrence of triggering events or substantive changes in circumstances that could indicate a potential impairment by assessing qualitative factors or performing a quantitative analysis in determining whether it is more likely than not that the fair value of the net assets is below their carrying amounts. The Company has determined that it has one reporting unit for which discrete financial information is available and results are regularly reviewed by management. No impairment charges relating to goodwill were recorded in the years ended December 31, 2023, 2022 and 2021. The following table presents the balances of goodwill as of 2023 and 2022 (in thousands):
| Goodwill
Balance as of January 1, 2022 | $ | 126,651 |
Acquisition | 5,117 |
Foreign currency remeasurement | (388) |
Balance as of December 31, 2022 | $ | 131,380 |
Acquisition | 4,065 |
Reclassification to assets held-for-sale | (2,162) |
Foreign currency remeasurement | 512 |
Balance as of December 31, 2023 | $ | 133,795 |
The Company’s long-lived asset group, which includes intangible assets, property and equipment and operating lease right-of-use assets net of operating lease liabilities, is reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset group might not be recoverable. Conditions that would necessitate an impairment assessment include a significant decline in the observable market value of an asset (or asset group), a significant change in the extent or manner in which an asset (or asset group) is used, or any other significant adverse change that would indicate that the carrying amount of an asset or group of assets may not be recoverable. Intangible assets acquired in a business combination are recognized separately from goodwill and are initially recognized at their fair value at the acquisition date. Intangible assets acquired include intellectual property (product design), customer, licensor and supplier relationships, trade names, and noncompetition agreements. These are definite-lived assets and are amortized on a straight-line basis over their estimated useful lives. Intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets might not be recoverable. Conditions that would necessitate an impairment assessment include a significant decline in the observable market value of an asset, a significant change in the extent or manner in which an asset is used, or any other significant adverse change that would indicate that the carrying amount of an asset or group of assets may not be recoverable. As of December 31, 2023 and 2022, there were also $0.1 million in indefinite-lived assets not subject to amortization but tested for impairment. There were no, $0.2 million and no impairment charges relating to indefinite-lived intangible assets recorded in the years ended December 31, 2023, 2022 and 2021, respectively. The following table provides the details of remaining identified intangible assets, by major class, for the periods indicated (in thousands):
|  |  | December 31, 2023 |  | December 31, 2022
| Estimated Useful Life (Years) |  | Gross Carrying Amount |  | Accumulated Amortization |  | Intangible Assets, Net |  | Gross Carrying Amount |  | Accumulated Amortization |  | Intangible Assets, Net
Intangible assets subject to amortization: |  |  |  |  |  |  |  |  |  |  |  |  |
Intellectual property | 3 - 20 |  | $ | 115,331 |  |  | $ | (47,638) |  |  | $ | 67,693 |  |  | $ | 115,331 |  |  | $ | (41,897) |  |  | $ | 73,434 |
Trade names | 10 - 20 |  | 92,528 |  |  | (35,792) |  |  | 56,736 |  |  | 90,728 |  |  | (30,622) |  |  | 60,106 |
Customer relationships | 3 - 20 |  | 71,463 |  |  | (32,378) |  |  | 39,085 |  |  | 71,278 |  |  | (28,520) |  |  | 42,758 |
Licensor relationships | 10 - 20 |  | 11,116 |  |  | (7,330) |  |  | 3,786 |  |  | 10,991 |  |  | (6,145) |  |  | 4,846 |
Total |  |  | $ | 290,438 |  |  | $ | (123,138) |  |  | $ | 167,300 |  |  | $ | 288,328 |  |  | $ | (107,184) |  |  | $ | 181,144 |
Amortization expense for the years ended December 31, 2023, 2022 and 2021 was $15.8 million, $15.4 million, and $16.2 million, respectively. The future five-year amortization of intangibles subject to amortization at December 31, 2023 was as follows (in thousands):
| Amortization
2024 | $ | 15,707 |
2025 | 15,707 |
2026 | 15,707 |
2027 | 14,544 |
2028 | 13,862 |
Thereafter | 91,773 |
Total | $ | 167,300 |

X
- References No definition available. + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 350 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//350/tableOfContent + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration