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Note 6 - Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2022

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 three months ended March 31, 2022.

Intangible assets

Intangible assets, net consisted of the following as of March 31, 2022 and December 31, 2021:

(In thousands, except weighted average useful life)	March 31, 2022
Intangible assets:	Gross Carrying Value		Accumulated Amortization			Net Carrying Value		Weighted Average Useful Life (in years)
Customer Relationships	$	17,516	$	(2,376	)	$	15,140		10.1
Tradenames		35,574		(2,939	)		32,635		13.6
Technology - acquired		41,942		(9,278	)		32,664		5.6
Non-compete agreements		1,990		(583	)		1,407		2.8
In-process research and development⁽¹⁾		67,440		-			67,440		N/A
Total intangible assets	$	164,462	$	(15,176	)	$	149,286		9.6

(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

(1) In-process R&D represents the fair value of incomplete research and development. We will amortize the asset upon completion of development.

Amortization expense for definite-lived intangible assets was $2.9 million and $933,000 for the three months ended March 31, 2022 and 2021, respectively. As of March 31, 2022, the Company expects to record the following amortization expense for definite-lived intangible assets:

(In thousands)	Amortization
For the Years Ending December 31,	Expense
2022 (9 months remaining)	$	8,558
2023		10,951
2024		10,126
2025		9,748
2026		9,346
Thereafter		33,117
Total	$	81,846