Intangible Assets and Goodwill |
9.Intangible assets and goodwill Intangible assets consisted of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
At March 31, 2024 |
|
Gross Carrying Amount |
|
|
Accumulated Amortization |
|
|
Net Carrying Amount |
|
Finite lived intangible assets |
|
|
|
|
|
|
|
|
|
Software |
|
$ |
2,177 |
|
|
$ |
(1,217 |
) |
|
$ |
960 |
|
Licenses |
|
|
187,759 |
|
|
|
(21,631 |
) |
|
|
166,128 |
|
Non-compete agreements |
|
|
280 |
|
|
|
(280 |
) |
|
|
— |
|
Total finite lived intangible assets |
|
|
190,216 |
|
|
|
(23,128 |
) |
|
|
167,088 |
|
Indefinite lived intangible assets |
|
|
|
|
|
|
|
|
|
Brand intangibles |
|
|
46,972 |
|
|
|
— |
|
|
|
46,972 |
|
Total indefinite lived intangible assets |
|
|
46,972 |
|
|
|
— |
|
|
|
46,972 |
|
Intangible assets, net |
|
$ |
237,188 |
|
|
$ |
(23,128 |
) |
|
$ |
214,060 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At December 31, 2023 |
|
Gross Carrying Amount |
|
|
Accumulated Amortization |
|
|
Net Carrying Amount |
|
Finite lived intangible assets |
|
|
|
|
|
|
|
|
|
Software |
|
$ |
2,050 |
|
|
$ |
(720 |
) |
|
$ |
1,330 |
|
Licenses |
|
|
186,624 |
|
|
|
(20,216 |
) |
|
|
166,408 |
|
Brand intangibles |
|
|
1,144 |
|
|
|
(1,144 |
) |
|
|
— |
|
Non-compete agreements |
|
|
280 |
|
|
|
(280 |
) |
|
|
— |
|
Total finite lived intangible assets |
|
|
190,098 |
|
|
|
(22,360 |
) |
|
|
167,738 |
|
Indefinite lived intangible assets |
|
|
|
|
|
|
|
|
|
Brand intangibles |
|
|
48,116 |
|
|
|
— |
|
|
|
48,116 |
|
Total indefinite lived intangible assets |
|
|
48,116 |
|
|
|
— |
|
|
|
48,116 |
|
Intangible assets, net |
|
$ |
238,214 |
|
|
$ |
(22,360 |
) |
|
$ |
215,854 |
|
Amortization expense was $1,941 for the three months ended March 31, 2024 ($724 included in cost of sales) and $1,514 for the three months ended March 31, 2023 ($725 included in cost of sales). Estimated future amortization expense for finite lived intangible assets for the next five years is as follows:
|
|
|
|
|
2024 |
|
$ |
5,257 |
|
2025 |
|
|
6,835 |
|
2026 |
|
|
6,820 |
|
2027 |
|
|
6,740 |
|
2028 |
|
|
6,740 |
|
As of March 31, 2024, the weighted average amortization period remaining on intangible assets was 27.3 years. The Company's goodwill is allocated to one reportable segment. The following table summarizes the activity in the Company’s goodwill balance:
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|
|
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Balance at December 31, 2023 |
|
$ |
106,929 |
|
Additions at acquisition date |
|
|
- |
|
Impairment of goodwill |
|
|
- |
|
Balance at March 31, 2024 |
|
$ |
106,929 |
|
|