Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2022

Goodwill and Other Intangible Assets [Abstract]

Goodwill and Other Intangible Assets

Note 3 – Goodwill and Other Intangible Assets

The Company performs its annual goodwill impairment test as of the first day of the fiscal fourth quarter.  No impairment was identified as a result of the Company's annual impairment tests for 2022, 2021, and 2020.

The changes in the carrying amount of goodwill by segment for the years ended December 31, 2022 and 2021 were as follows:

	MOSFETs		Optoelectronic Components		Resistors			Inductors		Total
Balance at December 31, 2020	$	-	$	96,849	$	35,519		$	25,815	$	158,183
Barry Industries acquisition		-		-		7,813			-		7,813
Exchange rate effects		-		-		(727	)		-		(727	)
Balance at December 31, 2021	$	-	$	96,849	$	42,605		$	25,815	$	165,269
MaxPower acquisition		36,885		-		-			-		36,885
Exchange rate effect		-		-		(722	)		-		(722	)
Balance at December 31, 2022	$	36,885	$	96,849	$	41,883		$	25,815	$	201,432

Other intangible assets are as follows:

	December 31, 2022			December 31, 2021
Intangible assets subject to amortization:
Patents and acquired technology	$	26,988		$	21,207
Capitalized software		58,735			57,909
Customer relationships		82,816			75,190
Tradenames		22,933			20,066
Other		400			400
		191,872			174,772
Accumulated amortization:
Patents and acquired technology		(14,743	)		(14,212	)
Capitalized software		(53,348	)		(52,729	)
Customer relationships		(33,021	)		(29,531	)
Tradenames		(12,731	)		(10,586	)
Other		(133	)		-
		(113,976	)		(107,058	)
Net intangible assets subject to amortization	$	77,896		$	67,714

Amortization expense (excluding capitalized software) was $8,127, $7,790, and $8,113, for the years ended December 31, 2022, 2021, and 2020, respectively.

Estimated annual amortization expense of intangible assets on the balance sheet at December 31, 2022 for each of the next five years is as follows:

2023	$	9,833
2024		9,537
2025		9,100
2026		8,314
2027		6,493