| Goodwill and Intangible Assets Disclosure [Text Block] |
| (4) |
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 nine months ended September 30, 2023 are as follows:
| Balance - January 1, 2023 |
|
$ |
21,605 |
|
| Impact of foreign currency translation adjustments |
|
|
(27 |
) |
| Balance - September 30, 2023 |
|
$ |
21,578 |
|
Goodwill was comprised of the following at September 30, 2023 and December 31, 2022:
| |
|
September 30, |
|
|
December 31, |
|
| |
|
2023 |
|
|
2022 |
|
| Electronic Test |
|
$ |
3,364 |
|
|
$ |
3,369 |
|
| Environmental Technologies |
|
|
1,817 |
|
|
|
1,817 |
|
| Process Technologies |
|
|
16,397 |
|
|
|
16,419 |
|
| |
|
|
|
|
|
|
|
|
| Total goodwill |
|
$ |
21,578 |
|
|
$ |
21,605 |
|
Intangible Assets
Changes in the amount of the carrying value of indefinite-lived intangible assets for the nine months ended September 30, 2023 are as follows:
| Balance - January 1, 2023 |
|
$ |
8,369 |
|
| Impact of foreign currency translation adjustments |
|
|
(5 |
) |
| Balance – September 30, 2023 |
|
$ |
8,364 |
|
Changes in the amount of the carrying value of finite-lived intangible assets for the nine months ended September 30, 2023 are as follows:
| Balance - January 1, 2023 |
|
$ |
10,190 |
|
| Impact of foreign currency translation adjustments |
|
|
(13 |
) |
| Amortization |
|
|
(1,582 |
) |
| Balance - September 30, 2023 |
|
$ |
8,595 |
|
Intangible assets were allocated to our reporting segments at September 30, 2023 and December 31, 2022 as follows:
| |
|
September 30, |
|
|
December 31, |
|
| |
|
2023 |
|
|
2022 |
|
| Electronic Test |
|
$ |
3,761 |
|
|
$ |
4,139 |
|
| Environmental Technologies |
|
|
804 |
|
|
|
832 |
|
| Process Technologies |
|
|
12,394 |
|
|
|
13,588 |
|
| |
|
|
|
|
|
|
|
|
| Total intangible assets |
|
$ |
16,959 |
|
|
$ |
18,559 |
|
The following tables provide further detail about our intangible assets as of September 30, 2023 and December 31, 2022:
| |
|
September 30, 2023 |
|
| |
|
Gross
Carrying
Amount |
|
|
Accumulated Amortization |
|
|
Net
Carrying
Amount |
|
| Finite-lived intangible assets: |
|
|
|
|
|
|
|
|
|
|
|
|
| Customer relationships |
|
$ |
16,296 |
|
|
$ |
9,251 |
|
|
$ |
7,045 |
|
| Technology |
|
|
2,848 |
|
|
|
1,298 |
|
|
|
1,550 |
|
| Patents |
|
|
590 |
|
|
|
590 |
|
|
|
- |
|
| Backlog |
|
|
490 |
|
|
|
490 |
|
|
|
- |
|
| Software |
|
|
270 |
|
|
|
270 |
|
|
|
- |
|
| Trade name |
|
|
140 |
|
|
|
140 |
|
|
|
- |
|
| Total finite-lived intangible assets |
|
|
20,634 |
|
|
|
12,039 |
|
|
|
8,595 |
|
| Indefinite-lived intangible assets: |
|
|
|
|
|
|
|
|
|
|
|
|
| Trademarks |
|
|
8,364 |
|
|
|
- |
|
|
|
8,364 |
|
| Total intangible assets |
|
$ |
28,998 |
|
|
$ |
12,039 |
|
|
$ |
16,959 |
|
| |
|
December 31, 2022 |
|
| |
|
Gross
Carrying
Amount |
|
|
Accumulated Amortization |
|
|
Net
Carrying
Amount |
|
| Finite-lived intangible assets: |
|
|
|
|
|
|
|
|
|
|
|
|
| Customer relationships |
|
$ |
16,313 |
|
|
$ |
7,990 |
|
|
$ |
8,323 |
|
| Technology |
|
|
2,855 |
|
|
|
988 |
|
|
|
1,867 |
|
| Patents |
|
|
590 |
|
|
|
590 |
|
|
|
- |
|
| Backlog |
|
|
492 |
|
|
|
492 |
|
|
|
- |
|
| Software |
|
|
270 |
|
|
|
270 |
|
|
|
- |
|
| Trade name |
|
|
140 |
|
|
|
140 |
|
|
|
- |
|
| Total finite-lived intangible assets |
|
|
20,660 |
|
|
|
10,470 |
|
|
|
10,190 |
|
| Indefinite-lived intangible assets: |
|
|
|
|
|
|
|
|
|
|
|
|
| Trademarks |
|
|
8,369 |
|
|
|
- |
|
|
|
8,369 |
|
| Total intangible assets |
|
$ |
29,029 |
|
|
$ |
10,470 |
|
|
$ |
18,559 |
|
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:
| 2023 (remainder) |
|
$ |
511 |
|
| 2024 |
|
$ |
1,965 |
|
| 2025 |
|
$ |
1,757 |
|
| 2026 |
|
$ |
1,148 |
|
| 2027 |
|
$ |
654 |
|
|