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Note 3 - Goodwill and Intangible Assets | 9 Months Ended
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Sep. 30, 2023
Notes to Financial Statements |
Goodwill and Intangible Assets Disclosure [Text Block] |
3. | Goodwill and Intangible Assets
The change in the carrying amount of goodwill for the nine months ended September 30, 2023 is as follows:
(in thousands) |  |  |  |
Carrying amount at December 31, 2022 |  | $ | 56,260 |
Effect of change in currency translation |  |  | (38 | )
Carrying amount at September 30, 2023 |  | $ | 56,222 |
Intangible assets at September 30, 2023 and December 31, 2022 consist of the following:
|  |  |  |  |  | September 30, 2023 |  |  | December 31, 2022 |
(in thousands) |  | Average |  |  |  |  |  |  | Accumulated |  |  |  |  |  |  |  |  |  |  | Accumulated |  |  |  |  |
Amortizable intangible assets: |  | Life* |  |  | Gross |  |  | Amortization |  |  | Net |  |  | Gross |  |  | Amortization |  |  | Net |
Distribution agreements/customer relationships |  |  | 6 |  |  | $ | 16,017 |  |  | $ | (9,467 | ) |  | $ | 6,550 |  |  | $ | 16,124 |  |  | $ | (8,727 | ) |  | $ | 7,397 |
Existing technology & software development |  |  | 2 |  |  |  | 37,490 |  |  |  | (28,851 | ) |  |  | 8,639 |  |  |  | 37,549 |  |  |  | (26,482 | ) |  |  | 11,067 |
Trade names and patents |  |  | 3 |  |  |  | 7,484 |  |  |  | (5,774 | ) |  |  | 1,710 |  |  |  | 7,523 |  |  |  | (5,197 | ) |  |  | 2,326 |
Total amortizable intangible assets |  |  |  |  |  | $ | 60,991 |  |  | $ | (44,092 | ) |  | $ | 16,899 |  |  | $ | 61,196 |  |  | $ | (40,406 | ) |  | $ | 20,790 |
Indefinite-lived intangible assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 196 |  |  |  |  |  |  |  |  |  |  |  | 224 |
Total intangible assets |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 17,095 |  |  |  |  |  |  |  |  |  |  | $ | 21,014 |
*Weighted average life in years as of September 30, 2023 Intangible asset amortization expense was $1.4 million and $1.6 million for the three months ended September 30, 2023 and 2022, respectively, and $4.1 million and $4.5 million for the nine months ended September 30, 2023 and 2022, respectively. Estimated amortization expense of existing amortizable intangible assets for each of the five succeeding years and thereafter as of September 30, 2023, is as follows:
(in thousands) |  |  |  |
2023 (remainder of the year) |  | $ | 1,383 |
2024 |  |  | 5,234 |
2025 |  |  | 4,019 |
2026 |  |  | 2,358 |
2027 |  |  | 1,261 |
2028 |  |  | 1,308 |
Thereafter |  |  | 1,336 |
Total |  | $ | 16,899 |

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