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Note 6 - Goodwill and Intangible Assets
6 Months Ended
Jun. 30, 2021
Notes to Financial Statements  
Goodwill and Intangible Assets Disclosure [Text Block]

6. Goodwill and intangible assets 

 

Goodwill

 

Goodwill represents the difference between the purchase price and the estimated fair value of identifiable assets acquired and liabilities assumed. Goodwill acquired in a business combination is determined to have an indefinite useful life and is not amortized, but instead is tested for impairment at least annually in accordance with ASC 350. The Company has not identified any triggering events which indicate an impairment of goodwill in the six months ended June 30, 2021.

 

Intangible assets

 

Intangible assets, net consisted of the following as of  June 30, 2021:

 

(In thousands, except weighted average useful life)

 

June 30, 2021

     

Finite-lived intangible assets:

 

Gross Carrying

Value

  

Accumulated

Amortization

  

Net Carrying

Value

  

Weighted

Average Useful

Life (in years)

 

Customer Relationships

 $15,240  $(766) $14,474   12.1 

Tradenames

  33,250   (1,075)  32,175   14.6 

Technology - acquired

  37,810   (4,909)  32,901   6.2 

Non-compete agreements

  1,900   (176)  1,724   3.3 

In-process research and development⁽¹⁾

  67,440   -   67,440   N/A 

Total intangible assets

 $155,640  $(6,926) $148,714   10.5 

 

(1) In-process R&D represents the fair value of incomplete research and development that has not yet reached technological feasibility. We will amortize the asset upon technological feasibility.

 

Intangible assets, net consisted of the following as of  December 31, 2020:

 

  

December 31, 2020

     

Finite-lived intangible assets:

 

Gross Carrying

Value

  

Accumulated

Amortization

  

Net Carrying

Value

  

Weighted

Average Useful

Life (in years)

 

Customer Relationships

 $8,220  $(330) $7,890   12.8 

Tradenames

  6,610   (508)  6,102   14.0 

Technology - acquired

  19,670   (3,232)  16,438   7.1 

Non-compete agreements

  660   (41)  619   3.8 

Total intangible assets

 $35,160  $(4,111) $31,049   9.7 

 

Amortization expense for finite-lived intangible assets was $1.9 million and $2.8 million for the three and six months ended June 30, 2021, respectively, and $706,000 and $1.4 million for the three and six months ended June 30, 2020, respectively. As of June 30, 2021, the Company expects to record the following amortization expense:

 

(In thousands)

    

For the Years Ending December 31,

 

Estimated

Amortization

Expense

 

2021 (6 months remaining)

 $4,713 

2022

  9,426 

2023

  9,396 

2024

  9,329 

2025

  8,951 

Thereafter

  39,459 

Total

 $81,274