Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

4.GOODWILL AND INTANGIBLE ASSETS

Goodwill

The following table summarizes the changes in the carrying amounts of goodwill (in thousands):

	Carrying Amount
Balance - December 31, 2023:	$	342
Translation adjustment		(2	)
Balance - March 31, 2024:	$	340

As of December 31, 2023, the Company performed its annual goodwill impairment analysis following the steps laid out in ASC 350-20-35-3C. The Company's annual impairment analysis included a qualitative assessment to determine if it was necessary to perform the quantitative impairment test. After performing a qualitative test the Company concluded that it was more likely than not that the fair value of the Company exceeds its carrying value of goodwill. Accordingly, there was no indication of impairment and the qualitative impairment test was not performed. The Company did not record any goodwill impairment charges for the year ended December 31, 2023. No indicators of impairment were identified during the three months ended March 31, 2024. The Company's annual impairment testing date is December 31 of each year.

Intangible Assets

The following table summarizes the intangible assets and the related accumulated amortization (in thousands):

	March 31, 2024			December 31, 2023
Gross carrying amount	$	78		$	78
Accumulated amortization		(5	)		(1	)
Translation adjustment		—			1
Net carrying amount	$	73		$	78

Changes in the carrying amounts of intangible assets are summarized below (in thousands):

	Trade names			Customer relationships			Total
Balance - December 31, 2023:	$	52		$	26		$	78
Amortization		(3	)		(1	)		(4	)
Translation adjustments		—			(1	)		(1	)
Balance - March 31, 2024:	$	49		$	24		$	73

The Company did not incur costs to renew or extend the term of acquired intangible assets for the three months ended March 31, 2024. The estimated amortization expense for the Company's intangible assets is not significant in any future individual fiscal year. No indicators of impairment were identified during the three months ended March 31, 2024.