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Note 9 - Intangible Assets and Goodwill | 12 Months Ended
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Dec. 31, 2024
Notes to Financial Statements |
Asset Impairment Charges [Text Block] |
NOTE 9 - Intangible Assets and Goodwill:
Intangible Assets The carrying amounts of indefinite-lived trade names are summarized as follows (dollars in thousands):
Indefinite-lived Intangible Assets |  | Segment |  | Carrying Amount, December 31, 2023 |  |  | Impairment Charges |  |  | Carrying Amount, December 31, 2024 |
Trade names: |  |  |  |  |  |  |  |  |  |  |  |  |  |
HPI |  | Branded Products |  | $ | 4,700 |  |  | $ | - |  |  | $ | 4,700 |
BAMKO |  | Branded Products |  |  | 8,900 |  |  |  | - |  |  |  | 8,900 |
CID Resources(1) |  | Healthcare Apparel |  |  | 14,160 |  |  |  | (260 | ) |  |  | 13,900 |
Total |  | $ | 27,760 |  |  | $ | (260 | ) |  | $ | 27,500 |
(1) | Includes trade names and trademarks associated with CID Resources and Wink®.
As described in Note 1, the Company performs its annual impairment test for definite-lived intangible assets in the fourth quarter. As part of our annual impairment test the Company determined the fair values were greater than the carrying values. A quantitative impairment test was performed in the third quarter of 2024. As a result of this assessment the Company recognized a $0.3 million impairment charge during the year ended December 31, 2024. As a result of our annual assessment for the year ended December 31, 2023 there was no impairment. Intangible assets as of December 31, 2024 and December 31, 2023 are summarized as follows (dollars in thousands):
|  |  |  |  |  | December 31, 2024 |  |  | December 31, 2023 |
Item |  | Weighted Average Life (In years) |  |  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Gross Carrying Amount |  |  | Accumulated Amortization |
Definite-lived intangible assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Customer relationships (7-15 year life) |  |  | 10.9 |  |  | $ | 53,798 |  |  | $ | (30,976 | ) |  | $ | 50,198 |  |  | $ | (27,417 | )
Non-compete agreements (3-7 year life) |  |  | 5.3 |  |  |  | 1,778 |  |  |  | (1,587 | ) |  |  | 1,712 |  |  |  | (1,507 | )
Trademarks |  |  | 9.1 |  |  |  | 464 |  |  |  | (160 | ) |  |  | 414 |  |  |  | (118 | )
Trade names |  |  | 2.0 |  |  |  | 1,030 |  |  |  | (710 | ) |  |  | 710 |  |  |  | (592 | )
Total |  |  |  |  |  | $ | 57,070 |  |  | $ | (33,433 | ) |  | $ | 53,034 |  |  | $ | (29,634 | )
As part of the acquisition disclosed in Note 6, total intangible assets recorded to the Branded Products segment were valued at $4.0 million, of which $3.6 million related to the customer relationship intangible asset. Amortization expense for intangible assets for the years ended December 31, 2024 and 2023 was $3.8 million and $4.6 million, respectively. Estimated future intangible amortization expense is as follows (in thousands):
2025 |  | $ | 3,592 |
2026 |  |  | 3,585 |
2027 |  |  | 3,384 |
2028 |  |  | 3,036 |
2029 |  |  | 2,391 |
Thereafter |  |  | 7,649 |
Total |  | $ | 23,637 |
Goodwill As described in Note 6, the Company acquired $2.3 million of goodwill as a result of its acquisition of 3Point, all of which was recorded in our Branded Products reportable segment.

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