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Note 4 - Goodwill and Intangible Assets | 9 Months Ended
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Sep. 30, 2021
Notes to Financial Statements |
Goodwill and Intangible Assets Disclosure [Text Block] |
(4) | GOODWILL AND INTANGIBLE ASSETS
We have two operating segments which are also our reporting units: Thermal and EMS. Goodwill and intangible assets on our balance sheets are the result of our acquisitions of Sigma Systems Corp. ("Sigma") in October 2008, Thermonics, Inc. ("Thermonics") in January 2012 and Ambrell in May 2017. All our goodwill and intangible assets are allocated to our Thermal segment. Goodwill Goodwill totaled $13,738 at both September 30, 2021 and December 31, 2020 and was comprised of the following:
Sigma |  | $ | 1,656 |
Thermonics |  |  | 50 |
Ambrell |  |  | 12,032 |
Total |  | $ | 13,738 |
Intangible Assets Changes in the amount of the carrying value of finite-lived intangible assets for the nine months ended September 30, 2021 are as follows:
Balance - January 1, 2021 |  | $ | 5,711 |
Amortization |  |  | (918 | )
Balance September 30, 2021 |  | $ | 4,793 |
The following tables provide further detail about our intangible assets as of September 30, 2021 and December 31, 2020:
|  | September 30, 2021 |
|  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net Carrying Amount |
Finite-lived intangible assets: |  |  |  |  |  |  |  |  |  |  |  |
Customer relationships |  | $ | 10,480 |  |  | $ | 5,767 |  |  | $ | 4,713 |
Technology |  |  | 600 |  |  |  | 528 |  |  |  | 72 |
Patents |  |  | 590 |  |  |  | 582 |  |  |  | 8 |
Software |  |  | 270 |  |  |  | 270 |  |  |  | - |
Trade name |  |  | 140 |  |  |  | 140 |  |  |  | - |
Total finite-lived intangible assets |  |  | 12,080 |  |  |  | 7,287 |  |  |  | 4,793 |
Indefinite-lived intangible assets: |  |  |  |  |  |  |  |  |  |  |  |
Trademarks |  |  | 6,710 |  |  |  | - |  |  |  | 6,710 |
Total intangible assets |  | $ | 18,790 |  |  | $ | 7,287 |  |  | $ | 11,503 |
|  | December 31, 2020 |
|  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net Carrying Amount |
Finite-lived intangible assets: |  |  |  |  |  |  |  |  |  |  |  |
Customer relationships |  | $ | 10,480 |  |  | $ | 4,912 |  |  | $ | 5,568 |
Technology |  |  | 600 |  |  |  | 477 |  |  |  | 123 |
Patents |  |  | 590 |  |  |  | 570 |  |  |  | 20 |
Software |  |  | 270 |  |  |  | 270 |  |  |  | - |
Trade name |  |  | 140 |  |  |  | 140 |  |  |  | - |
Total finite-lived intangible assets |  |  | 12,080 |  |  |  | 6,369 |  |  |  | 5,711 |
Indefinite-lived intangible assets: |  |  |  |  |  |  |  |  |  |  |  |
Trademarks |  |  | 6,710 |  |  |  | - |  |  |  | 6,710 |
Total intangible assets |  | $ | 18,790 |  |  | $ | 6,369 |  |  | $ | 12,421 |
We generally amortize our finite-lived intangible assets over their estimated useful lives on a straight-line basis, unless an alternate amortization method can be reliably determined. Any such alternate amortization method would be based on the pattern in which the economic benefits of the intangible asset are expected to be consumed. None of our intangible assets have any residual value. Total amortization expense for our finite-lived intangible assets was $309 and $918 for the three months and nine months ended September 30, 2021, respectively, and $307 and $927 for the three months and nine months ended September 30, 2020, respectively. The following table sets forth the estimated annual amortization expense for each of the next five years:
2021 (remainder) |  | $ | 309 |
2022 |  | $ | 1,167 |
2023 |  | $ | 1,067 |
2024 |  | $ | 980 |
2025 |  | $ | 905 |

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