Goodwill and intangible assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and intangible assets

Goodwill and intangible assets

Goodwill

The following table represents the components of the carrying value of goodwill for the year ended December 31, 2023:

(In thousands)	Goodwill
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, 2023 and 2022	$	224,741

Intangible assets

Intangible assets, net consisted of the following as of December 31, 2023 and 2022:

(In thousands, except weighted average useful life)	December 31, 2023
Intangible assets:	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Weighted Average Useful Life (in years)
Customer Relationships(1)	$	9,936	$	(4,217)	$	5,719	10.7
Tradenames(1)	8,134		(2,077)		6,057		11.3
Technology - acquired(1)	18,372		(9,123)		9,249		4.1
Non-compete agreements	750		(626)		124		0.8
Total intangible assets	$	37,192	$	(16,043)	$	21,149	7.3

(1) The entirety of the gross carrying values and accumulated amortization of the specified intangible assets above associated with the Freezer Business were impaired during the three months ended September 30, 2023. Refer to Note 2: Impairment of property and equipment and definite-lived intangible assets for more information on the assessed non-cash impairment charges.

	December 31, 2022
Intangible assets:	Gross Carrying Value(1)		Accumulated Amortization(1)		Net Carrying Value		Weighted Average Useful Life (in years)(1)
Customer Relationships	$	10,496	$	(3,328)	$	7,168	8.8
Tradenames	11,328		(1,794)		9,534		11.8
Technology - acquired	23,802		(8,705)		15,097		5.3
Non-compete agreements	750		(461)		289		1.8
Total intangible assets	$	46,376	$	(14,288)	$	32,088	8.0

(1) Both the Gross Carrying Value and Accumulated Amortization balances as of December 31, 2022 contain immaterial adjustments to reflect impairments taken during the year ended December 31, 2022 on each of the intangible asset classes presented here. Each intangible asset class was adjusted as follows: Customer relationships: $0.8 million; Tradenames: $2.4 million, Technology - acquired: $4.1 million, Non-compete agreements: $0.4 million. The Weighted Average Useful Life was additionally adjusted to reflect the updated balances subsequent to the impairment charges.

Impairment expense for both finite and indefinite-lived intangible assets was $5.8 million, $110.4 million, and zero for the years ended December 31, 2023, 2022, and 2021, respectively. Amortization expense for finite-lived intangible assets was

$5.2 million, $9.7 million, and $8.2 million for the years ended December 31, 2023, 2022, and 2021, respectively. As of December 31, 2023, the Company expects to record the following amortization expense:

(In thousands)
For the Years Ending December 31,	Estimated Amortization Expense
2024	$	3,602
2025	3,468
2026	3,358
2027	2,605
2028	1,500
Thereafter	6,616
Total	$	21,149