Intangible Assets and Goodwill

12 Months Ended

Dec. 31, 2024

(9) Intangible Assets and Goodwill

The following schedule represents intangible assets recognized in connection with product acquisitions (See Note 1 for the Company’s accounting policy regarding intangible assets):


	Amount
Intangible assets at January 1, 2022	$	197,841
Additions during fiscal 2022		1,292
Impact of movement in exchange rates		(516	)
Amortization expense		(13,953	)
Intangible assets at December 31, 2022		184,664
Additions during fiscal 2023		941
Impact of movement in exchange rates		177
Amortization expense		(13,274	)
Intangible assets at December 31, 2023		172,508
Measurement period adjustment		1,696
Additions during fiscal 2024		418
Impact of movement in exchange rates		(1,441	)
Amortization expense		(13,339	)
Asset impairments		(9,345	)
Intangible assets at December 31, 2024	$	150,497

Goodwill at January 1, 2022	$	46,260
Impact of movement in exchange rates		750
Goodwill at December 31, 2022		47,010
Additions during fiscal 2023		2,949
Impact of movement in exchange rates		1,240
Goodwill at December 31, 2023		51,199
Measurement period adjustment		(1,339	)
Impact of movement in exchange rates		(3,110	)
Goodwill impairment		(27,049	)
Goodwill at December 31, 2024	$	19,701

Intangible assets and goodwill at December 31, 2024	$	170,198

The Company recorded impairment charges related to its SIMPAS precision application technology platform and two of its herbicide products and one of its fungicide products in the amount of $9,345 during the year ended December 31, 2024. In addition, the Company recorded $27,049 in goodwill impairment charges for the year ended December 31, 2024. No impairment charges were recorded during the years ended December 31, 2023.

The following schedule represents the gross carrying amount and accumulated amortization of intangible assets as of December 31, 2024 and 2023. Product rights and trademarks are amortized over the lesser of the useful life ranging from 10 to 25 years, or the patent life. Customer lists are amortized over their expected useful lives of nine to ten years. The amortization expense is included in operating expenses on the consolidated statements of operations.


	2024						2023
	Gross		Accumulated Amortization		Net Book Value		Gross		Accumulated Amortization		Net Book Value
Product rights and patents	$	260,928	$	138,090	$	122,838	$	272,879	$	131,778	$	141,101
Trademarks		38,475		14,375		24,100		40,896		13,290		27,606
Customer lists		11,874		8,315		3,559		11,549		7,748		3,801
Total intangibles assets	$	311,277	$	160,780	$	150,497	$	325,324	$	152,816	$	172,508

Domestic intangible assets		172,755		102,347		70,408		186,134		99,598		86,536
International intangible assets		138,522		58,433		80,089		139,190		53,218		85,972
Total intangibles assets - domestic and international	$	311,277	$	160,780	$	150,497	$	325,324	$	152,816	$	172,508

The following schedule represents future amortization charges related to intangible assets:


Year ending December 31,	Amount
2025	$	12,417
2026		12,370
2027		12,173
2028		11,356
2029		11,005
Thereafter		91,176
	$	150,497

The following schedule represents the balance of goodwill at December 31, 2024 and 2023:


	2024		2023
Domestic	$	—	$	9,131
International		19,701		42,068
Total goodwill, domestic and international	$	19,701	$	51,199