Goodwill

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

GOODWILL

We had approximately $107.2 million and $82.1 million of goodwill as of December 31, 2022 and 2021, respectively, net of accumulated impairments of $35.2 million as of December 31, 2022 and 2021, respectively. Changes in these balances are shown below:

(in thousands)	December 31, 2022		December 31, 2021
Goodwill, beginning	$	82,096	$	57,541
Recognized goodwill	26,465		26,723
Foreign currency translation	(1,406)		(2,168)
Goodwill, ending	$	107,155	$	82,096

We test goodwill for impairment annually on December 31 of each reporting year or more frequently if an event occurs or circumstances would indicate that it is more likely than not the fair value of the reporting unit is less than the carrying value. We performed our annual qualitative test of goodwill during 2022 as of December 31, 2022, and recorded no impairment expense for the year ended December 31, 2022 and we performed an annual quantitative test of goodwill during 2021 as of December 31, 2021, and recorded no impairment expense for the year ended December 31, 2021.

We report as a single reporting segment that develops, manufactures, markets, supports and sells CAD-based quality assurance products integrated with CAD-based inspection and statistical process control software and 3D documentation systems. Our reporting segment sells into a variety of end markets, including automotive, aerospace, metal and machine fabrication, architecture, engineering, construction and public safety