Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

NOTE 8 — Goodwill and Other Intangible Assets

Other Intangible Assets

Other intangible assets, net consist of the following components:

	As of December 31, 2021
	Gross Carrying Amount		Accumulated Amortization			Net Amount		Weighted Average Remaining Amortization Period (in years)
Other intangible assets:
Customer lists / relationships	$	96,889	$	(49,213	)	$	47,676		8.9
Technology and other intangibles		47,441		(25,229	)		22,212		6.8
Other intangible assets, net	$	144,330	$	(74,442	)	$	69,888		8.3
Amortization expense for the year ended    December 31, 2021			$	9,413

	As of December 31, 2020
	Gross Carrying Amount		Accumulated Amortization			Net Amount
Other intangible assets:
Customer lists / relationships	$	97,355	$	(44,002	)	$	53,353
Technology and other intangibles		47,301		(21,533	)		25,768
Other intangible assets, net	$	144,656	$	(65,535	)	$	79,121
Amortization expense for the year ended December 31, 2020			$	9,055
Amortization expense for the year ended December 31, 2019			$	7,770

In the third quarter of 2020, due to the restructuring actions further outlined in Note 9, we performed an interim impairment assessment. This resulted in the recognition of $2,200 of impairment charges related to in process research and development, and a revaluation of associated contingent liabilities totaling $1,900. The net impact of $300 was recorded as restructuring expense in the Consolidated Statements of (Loss) Earnings.

The estimated amortization expense for the next five years and thereafter is as follows:

	Amortization expense
2022	$	9,176
2023		7,170
2024		7,008
2025		6,787
2026		6,752
Thereafter		32,995
Total future amortization expense	$	69,888

Goodwill

Changes in the net carrying amount of goodwill were as follows:

	Total
Goodwill as of December 31, 2019	$	106,056
Increase due to acquisition		3,441
Goodwill as of December 31, 2020	$	109,497
Increase due to acquisition		430
Decrease from purchase accounting adjustments		(129	)
Goodwill as of December 31, 2021	$	109,798

In addition to the purchase accounting adjustments from the SSI transaction, goodwill increased in 2021 due to an acquisition completed during the second quarter. The purchase price was $510, with $255 paid in the second quarter of 2021 and an additional $255 to be paid in the second quarter of 2022.

We performed our annual impairment test as of October 1, 2021, our measurement date, and concluded that there was no impairment in any of our reporting units. The fair value estimates used in the goodwill impairment analysis required significant judgment. The Company's fair value estimates for the purposes of determining the goodwill impairment charge are considered Level 3 fair value measurements. The fair value estimates were based on assumptions management believes to be reasonable, but that are inherently uncertain, including estimates of future revenues and operating margins and assumptions about the overall economic climate and the competitive environment for the business.