| Goodwill And Intangible Assets |
NOTE 5. GOODWILL AND INTANGIBLE ASSETS
Goodwill
The following table summarizes the balances in goodwill by segment:
|
|
|
|
|
|
|
|
|
|
|
|
|
Outdoor |
|
Precision Sport |
|
Adventure |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
Balance at December 31, 2021 |
$ |
- |
|
$ |
26,715 |
|
$ |
91,375 |
|
$ |
118,090 |
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition adjustment |
|
- |
|
|
- |
|
|
741 |
|
|
741 |
Impact of foreign currency exchange rates |
|
- |
|
|
- |
|
|
(3,173) |
|
|
(3,173) |
|
|
|
|
|
|
|
|
|
|
|
|
Balance at June 30, 2022 |
$ |
- |
|
$ |
26,715 |
|
$ |
88,943 |
|
$ |
115,658 |
Indefinite Lived Intangible Assets
The following table summarizes the changes in indefinite lived intangible assets:
|
|
|
Balance at December 31, 2021 |
$ |
128,271 |
|
|
|
Impact of foreign currency exchange rates |
|
(4,420) |
|
|
|
Balance at June 30, 2022 |
$ |
123,851 |
|
|
|
Trademarks classified as indefinite-lived intangible assets by brand as of June 30, 2022 and December 31, 2021, were as follows:
|
|
|
|
|
|
|
June 30, 2022 |
|
December 31, 2021 |
Black Diamond |
$ |
19,600 |
|
$ |
19,600 |
PIEPS |
|
2,917 |
|
|
3,166 |
Sierra |
|
18,900 |
|
|
18,900 |
Barnes |
|
5,600 |
|
|
5,600 |
Rhino-Rack |
|
66,659 |
|
|
70,278 |
MAXTRAX |
|
10,175 |
|
|
10,727 |
|
$ |
123,851 |
|
$ |
128,271 |
Other Intangible Assets, net
The following table summarizes the changes in gross other intangible assets:
|
|
|
Gross balance at December 31, 2021 |
$ |
104,681 |
|
|
|
Impact of foreign currency exchange rates |
|
(3,337) |
|
|
|
Gross balance at June 30, 2022 |
$ |
101,344 |
|
|
|
Other intangible assets, net of amortization as of June 30, 2022 and December 31, 2021, were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2022 |
|
Gross |
|
Accumulated Amortization |
|
Net |
|
Weighted Average Useful Life |
Intangibles subject to amortization |
|
|
|
|
|
|
|
|
|
|
|
Customer relationships |
$ |
77,717 |
|
$ |
(29,290) |
|
$ |
48,427 |
|
|
13.8 years |
Product technologies |
|
21,417 |
|
|
(7,320) |
|
|
14,097 |
|
|
10.2 years |
Tradename / trademark |
|
1,263 |
|
|
(758) |
|
|
505 |
|
|
9.4 years |
Core technologies |
|
947 |
|
|
(947) |
|
|
- |
|
|
10.0 years |
|
$ |
101,344 |
|
$ |
(38,315) |
|
$ |
63,029 |
|
|
13.0 years |
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2021 |
|
Gross |
|
Accumulated Amortization |
|
Net |
|
Weighted Average Useful Life |
|
|
|
|
|
|
|
|
|
|
|
|
Customer relationships |
$ |
80,078 |
|
$ |
(23,804) |
|
$ |
56,274 |
|
|
13.8 years |
Product technologies |
|
22,393 |
|
|
(5,557) |
|
|
16,836 |
|
|
10.2 years |
Tradename / trademark |
|
1,263 |
|
|
(690) |
|
|
573 |
|
|
9.4 years |
Core technologies |
|
947 |
|
|
(947) |
|
|
- |
|
|
10.0 years |
|
$ |
104,681 |
|
$ |
(30,998) |
|
$ |
73,683 |
|
|
12.9 years |
Amortization expense for the three months ended June 30, 2022 and 2021, was $3,937 and $1,197, respectively, and for the six months ended June 30, 2022 and 2021 was $8,057 and $2,394, respectively. Future amortization expense for other intangible assets as of June 30, 2022 is as follows:
|
|
|
Years Ending December 31, |
Amortization Expense |
2022 (excluding the six months ended June 30, 2022) |
$ |
7,398 |
2023 |
|
12,882 |
2024 |
|
10,840 |
2025 |
|
8,769 |
2026 |
|
6,732 |
2027 |
|
4,917 |
Thereafter |
|
11,491 |
|
$ |
63,029 |
|