| GOODWILL AND INTANGIBLE ASSETS |
NOTE 6. GOODWILL AND INTANGIBLE ASSETS
Goodwill
The following table summarizes the balances in goodwill by segment:
|
|
|
|
|
|
|
|
|
|
Outdoor |
|
Adventure |
|
Total |
|
|
|
|
|
|
|
|
|
Goodwill |
$ |
29,507 |
|
$ |
91,375 |
|
$ |
120,882 |
Accumulated goodwill impairments |
|
(29,507) |
|
|
(52,071) |
|
|
(81,578) |
|
|
|
|
|
|
|
|
|
Balance at December 31, 2023 |
|
- |
|
|
39,320 |
|
|
39,320 |
|
|
|
|
|
|
|
|
|
Impact of foreign currency exchange rates |
|
- |
|
|
(1,020) |
|
|
(1,020) |
|
|
|
|
|
|
|
|
|
Balance at March 31, 2024 |
$ |
- |
|
$ |
38,300 |
|
$ |
38,300 |
Indefinite-Lived Intangible Assets
The following table summarizes the changes in indefinite-lived intangible assets:
|
|
|
Balance at December 31, 2023 |
$ |
58,527 |
|
|
|
Impact of foreign currency exchange rates |
|
(1,630) |
|
|
|
Balance at March 31, 2024 |
$ |
56,897 |
Trademarks classified as indefinite-lived intangible assets by brand as of March 31, 2024 and December 31, 2023, were as follows:
|
|
|
|
|
|
|
March 31, 2024 |
|
December 31, 2023 |
Black Diamond |
$ |
19,600 |
|
$ |
19,600 |
PIEPS |
|
3,012 |
|
|
3,080 |
Rhino-Rack |
|
24,644 |
|
|
25,767 |
MAXTRAX |
|
9,641 |
|
|
10,080 |
|
$ |
56,897 |
|
$ |
58,527 |
Other Intangible Assets, net
The following table summarizes the changes in gross other intangible assets:
|
|
|
Gross balance at December 31, 2023 |
$ |
82,103 |
|
|
|
Disposal |
|
(163) |
Impact of foreign currency exchange rates |
|
(2,620) |
|
|
|
Gross balance at March 31, 2024 |
$ |
79,320 |
Other intangible assets, net of amortization as of March 31, 2024 and December 31, 2023, were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2024 |
|
Gross |
|
Accumulated Amortization |
|
Net |
|
Weighted Average Useful Life |
Intangibles subject to amortization |
|
|
|
|
|
|
|
|
|
|
|
Customer relationships |
$ |
59,383 |
|
$ |
(31,475) |
|
$ |
27,908 |
|
|
13.8 years |
Product technologies |
|
17,292 |
|
|
(9,305) |
|
|
7,987 |
|
|
10.0 years |
Tradenames |
|
1,698 |
|
|
(67) |
|
|
1,631 |
|
|
12.0 years |
Core technologies |
|
947 |
|
|
(947) |
|
|
- |
|
|
10.0 years |
|
$ |
79,320 |
|
$ |
(41,794) |
|
$ |
37,526 |
|
|
12.9 years |
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2023 |
|
Gross |
|
Accumulated Amortization |
|
Net |
|
Weighted Average Useful Life |
|
|
|
|
|
|
|
|
|
|
|
|
Customer relationships |
$ |
61,215 |
|
$ |
(30,478) |
|
$ |
30,737 |
|
|
13.8 years |
Product technologies |
|
18,003 |
|
|
(9,014) |
|
|
8,989 |
|
|
10.0 years |
Tradenames |
|
1,938 |
|
|
(198) |
|
|
1,740 |
|
|
11.4 years |
Core technologies |
|
947 |
|
|
(947) |
|
|
- |
|
|
10.0 years |
|
$ |
82,103 |
|
$ |
(40,637) |
|
$ |
41,466 |
|
|
12.9 years |
Amortization expense for continuing operations for the three months ended March 31, 2024 and 2023, was $2,449 and $2,768, respectively. Future amortization expense for other intangible assets as of March 31, 2024 is as follows:
|
|
|
|
Years Ending December 31, |
|
Amortization Expense |
2024 (excluding the three months ended March 31, 2024) |
|
$ |
7,156 |
2025 |
|
|
8,038 |
2026 |
|
|
6,276 |
2027 |
|
|
4,568 |
2028 |
|
|
3,360 |
2029 |
|
|
2,522 |
Thereafter |
|
|
5,606 |
|
|
$ |
37,526 |
|