Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2022

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

7. Goodwill and Intangible Assets

Intangible assets and accumulated amortization by category as of June 30, 2022 is as follows:

	Weighted Average	Gross					Net
	Amortization	Carrying		Accumulated			Carrying
	Period (in years)	Amount		Amortization			Amount
Patented and unpatented technology	3	$	16,297	$	(13,982	)	$	2,315
Customer relationships	9		21,787		(13,308	)		8,479
Trade names and trademarks	16		5,469		(2,693	)		2,776
Software	4		237		(32	)		205
Indefinite lived trade names			1,903					1,903
Total intangible assets, net							$	15,678

Intangible assets and accumulated amortization by category as of December 31, 2021 is as follows:

	Weighted Average	Gross					Net
	Amortization	Carrying		Accumulated			Carrying
	Period (in years)	Amount		Amortization			Amount
Patented and unpatented technology	3	$	16,848	$	(13,845	)	$	3,003
Customer relationships	3		18,077		(13,017	)		5,060
Trade names and trademarks	10		4,269		(2,595	)		1,674
Software	5		160		(8	)		152
Indefinite lived trade names			2,057					2,057
Total intangible assets, net							$	11,946

In connection with the Rabern acquisition, the Company recognized customer relationships intangible assets of $4.5 million with an estimated useful life of 15 years and trademark intangible assets of $1.2 million with an estimated useful life of 25 years. See Note 18 for additional information regarding the Rabern acquisition.

Amortization expense for intangible assets was $745 and $1,428 for the three and six months ended June 30, 2022, respectively. Amortization expense for intangible assets was $578 and $1,157 for the three and six months ended June 30, 2021, respectively.

Estimated amortization expense for the period ending June 30 for the next five years and subsequent is as follows:

	Amount
2023	$	2,977
2024		2,977
2025		1,832
2026		860
2027		537
And subsequent		4,592
Total intangible assets currently to be amortized		13,775
Intangible assets with indefinite lives not amortized		1,903
Total intangible assets	$	15,678

Changes in goodwill for the six months ended June 30 are as follows:

	2022			2021
Balance January 1,	$	24,949		$	27,472
Goodwill for Rabern acquisition		13,065			—
Effect of change in exchange rates		(1,209	)		(583	)
Balance June 30,	$	36,805		$	26,889

The Company performed an impairment assessment as of December 31, 2021. No additional triggers for an interim impairment test have been identified as of June 30, 2022. While there was $1.1 million of goodwill impairment recognized as a result of the 2021 annual impairment test to fully impair the Valla business unit, a reasonably possible unexpected deterioration in financial performance or adverse change in earnings may result in a further impairment in the other business units.