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Note 5 - Goodwill and Intangible Assets | 6 Months Ended
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Jun. 30, 2024
Notes to Financial Statements |
Goodwill and Intangible Assets Disclosure [Text Block] |
(5) | GOODWILL AND INTANGIBLE ASSETS
We have three operating segments which are also our reporting units: Electronic Test, Environmental Technologies and Process Technologies. Goodwill and intangible assets on our balance sheets are the result of our acquisitions. Goodwill Changes in the amount of the carrying value of goodwill for the six months ended June 30, 2024 are as follows:
Balance - January 1, 2024 |  | $ | 21,728 |
Acquisition of Alfamation |  |  | 13,553 |
Impact of foreign currency translation adjustments |  |  | (413 | )
Balance – June 30, 2024 |  | $ | 34,868 |
Goodwill was comprised of the following at June 30, 2024 and December 31, 2023:
|  | June 30, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
Electronic Test |  | $ | 16,631 |  |  | $ | 3,436 |
Environmental Technologies |  |  | 1,817 |  |  |  | 1,817 |
Process Technologies |  |  | 16,420 |  |  |  | 16,475 |
Total goodwill |  | $ | 34,868 |  |  | $ | 21,728 |
Intangible Assets Changes in the amount of the carrying value of indefinite-lived intangible assets for the six months ended June 30, 2024 are as follows:
Balance - January 1, 2024 |  | $ | 8,398 |
Acquisition of Alfamation |  |  | 1,967 |
Impact of foreign currency translation adjustments |  |  | (74 | )
Balance – June 30, 2024 |  | $ | 10,291 |
Changes in the amount of the carrying value of finite-lived intangible assets for the six months ended June 30, 2024 are as follows:
Balance - January 1, 2024 |  | $ | 8,198 |
Acquisition of Alfamation |  |  | 10,384 |
Impact of foreign currency translation adjustments |  |  | (323 | )
Amortization |  |  | (1,492 | )
Balance - June 30, 2024 |  | $ | 16,767 |
Intangible assets were allocated to our reporting segments at June 30, 2024 and December 31, 2023 as follows:
|  | June 30, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
Electronic Test |  |  | 14,986 |  |  |  | 3,728 |
Environmental Technologies |  |  | 787 |  |  |  | 794 |
Process Technologies |  |  | 11,285 |  |  |  | 12,074 |
Total intangible assets |  | $ | 27,058 |  |  | $ | 16,596 |
The following tables provide further detail about our intangible assets as of June 30, 2024 and December 31, 2023:
|  | June 30, 2024 |
|  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net Carrying Amount |
Finite-lived intangible assets: |  |  |  |  |  |  |  |  |  |  |  |
Customer relationships |  | $ | 22,613 |  |  | $ | 10,577 |  |  | $ | 12,036 |
Technology |  |  | 5,737 |  |  |  | 1,681 |  |  |  | 4,056 |
Patents |  |  | 590 |  |  |  | 590 |  |  |  | - |
Backlog |  |  | 1,455 |  |  |  | 780 |  |  |  | 675 |
Software |  |  | 270 |  |  |  | 270 |  |  |  | - |
Trade name |  |  | 140 |  |  |  | 140 |  |  |  | - |
Total finite-lived intangible assets |  |  | 30,805 |  |  |  | 14,038 |  |  |  | 16,767 |
Indefinite-lived intangible assets: |  |  |  |  |  |  |  |  |  |  |  |
Trademarks |  |  | 10,291 |  |  |  | - |  |  |  | 10,291 |
Total intangible assets |  | $ | 41,096 |  |  | $ | 14,038 |  |  | $ | 27,058 |
|  | December 31, 2023 |
|  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net Carrying Amount |
Finite-lived intangible assets: |  |  |  |  |  |  |  |  |  |  |  |
Customer relationships |  | $ | 16,407 |  |  | $ | 9,687 |  |  | $ | 6,720 |
Technology |  |  | 2,895 |  |  |  | 1,417 |  |  |  | 1,478 |
Patents |  |  | 590 |  |  |  | 590 |  |  |  | - |
Backlog |  |  | 499 |  |  |  | 499 |  |  |  | - |
Software |  |  | 270 |  |  |  | 270 |  |  |  | - |
Trade name |  |  | 140 |  |  |  | 140 |  |  |  | - |
Total finite-lived intangible assets |  |  | 20,801 |  |  |  | 12,603 |  |  |  | 8,198 |
Indefinite-lived intangible assets: |  |  |  |  |  |  |  |  |  |  |  |
Trademarks |  |  | 8,398 |  |  |  | - |  |  |  | 8,398 |
Total intangible assets |  | $ | 29,199 |  |  | $ | 12,603 |  |  | $ | 16,596 |
We generally amortize our finite-lived intangible assets over their estimated useful lives based on the pattern in which the economic benefits of the intangible assets are expected to be consumed, or on a straight-line basis, if an alternate amortization method cannot 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. The following table sets forth the estimated annual amortization expense for each of the next five years:
2024 (remainder) |  | $ | 1,809 |
2025 |  | $ | 2,656 |
2026 |  | $ | 1,857 |
2027 |  | $ | 1,364 |
2028 |  | $ | 1,234 |

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