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Note 6 - Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Text Block]

6.	Goodwill and intangible assets

Goodwill

The following table represents the changes in the carrying value of goodwill for the years ended December 31, 2021 and 2020:

(In thousands)	Goodwill
Balance as of December 31, 2019	$	33,637
Correction of an error related to CBS goodwill		(131	)
Goodwill related to SciSafe acquisition		24,943
Balance as of December 31, 2020		58,449
Goodwill related to Global Cooling acquisition		137,822
Goodwill related to Sexton acquisition		28,470
Balance as of December 31, 2021	$	224,741

We adjusted goodwill from the CBS Acquisition related to an immaterial error of $131,000 in payables that were paid during closing and incorrectly recorded as liabilities in our purchase price accounting as of December 31, 2019. We reduced our goodwill and accounts payable by $131,000 in the year ended December 31, 2020.

Intangible assets

Intangible assets, net consisted of the following as of December 31, 2021 and 2020:

(In thousands, except weighted average useful life)	December 31, 2021
Intangible assets:	Gross Carrying Value		Accumulated Amortization			Net Carrying Value		Weighted Average Useful Life (in years)
Customer Relationships	$	17,516	$	(1,776	)	$	15,740		10.3
Tradenames		35,574		(2,306	)		33,268		13.8
Technology - acquired		41,942		(7,789	)		34,153		5.9
Non-compete agreements		1,990		(442	)		1,548		3.0
In-process research and development⁽¹⁾		67,440		-			67,440		N/A
Total intangible assets	$	164,462	$	(12,313	)	$	152,149		9.8

	December 31, 2020
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

(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.

Amortization expense for finite-lived intangible assets was $8.2 million, $3.0 million, and $1.1 million for the years ended December 31, 2021, 2020, and 2019, respectively. As of December 31, 2021, the Company expects to record the following amortization expense:

(In thousands)
For the Years Ending December 31,	Estimated Amortization Expense
2022	$	11,421
2023		10,951
2024		10,126
2025		9,748
2026		9,346
Thereafter		33,117
Total	$	84,709