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Goodwill and Other Intangibles
6 Months Ended
Jun. 30, 2021
Goodwill And Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangibles

Note 5 – Goodwill and Other Intangibles

 

Goodwill

Changes in the carrying amount of goodwill, by reportable segment, for the six months ended June 30, 2021 was as follows:

 

 

 

Automotive

 

 

Medical

 

 

Total

 

'Balance as of December 31, 2020

 

$

39,495

 

 

$

28,529

 

 

$

68,024

 

Exchange rate impact

 

 

(973

)

 

 

(341

)

 

 

(1,314

)

Balance as of June 30, 2021

 

$

38,522

 

 

$

28,188

 

 

$

66,710

 

 

 

Other Intangible Assets

Other intangible assets and accumulated amortization balances as of June 30, 2021 and December 31, 2020 were as follows:

 

 

Gross

Carrying Value

 

 

Accumulated

Amortization

 

 

Net Carrying

Value

 

Definite-lived:

 

 

 

 

 

 

 

 

 

 

 

 

Customer relationships

 

$

94,501

 

 

$

(64,151

)

 

$

30,350

 

Technology

 

 

29,677

 

 

 

(24,400

)

 

 

5,277

 

Product development costs

 

 

21,359

 

 

 

(20,647

)

 

 

712

 

Indefinite-lived:

 

 

 

 

 

 

 

 

 

 

 

 

Tradenames

 

 

4,670

 

 

 

 

 

 

4,670

 

Balance as of June 30, 2021

 

$

150,207

 

 

$

(109,198

)

 

$

41,009

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross

Carrying Value

 

 

Accumulated

Amortization

 

 

Net Carrying

Value

 

Definite-lived:

 

 

 

 

 

 

 

 

 

 

 

 

Customer relationships

 

$

97,815

 

 

$

(63,432

)

 

$

34,383

 

Technology

 

 

30,615

 

 

 

(24,075

)

 

 

6,540

 

Product development costs

 

 

22,164

 

 

 

(21,336

)

 

 

828

 

Indefinite-lived:

 

 

 

 

 

 

 

 

 

 

 

 

Tradenames

 

 

4,670

 

 

 

 

 

 

4,670

 

Balance as of December 31, 2020

 

$

155,264

 

 

$

(108,843

)

 

$

46,421

 

 

On February 28, 2020, Gentherm acquired the automotive patents and technology of a development-stage technology company for $3,141. The investment was accounted for as an asset acquisition of defensive intangible assets and will be amortized over six years.

In addition to annual impairment testing, which is performed in the fourth quarter of each fiscal year, the Company continuously monitors for events and circumstances that could negatively impact the key assumptions used in determining fair value and therefore require interim impairment testing, including long-term revenue growth projections, profitability, discount rates, recent market valuations from transactions by comparable companies, volatility in the Company's market capitalization, and general industry, market and macroeconomic conditions. We are not presently aware of any events or circumstances that would require us to revise the carrying value of our assets or liabilities as of June 30, 2021.