Annual report pursuant to Section 13 and 15(d)

Goodwill and Other Intangible Assets

v3.22.1
Goodwill and Other Intangible Assets
 12 Months Ended
Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets
Goodwill
Changes in the Company’s goodwill balance for the years ended December 31, 2021 and 2020, are summarized in the table below:

2021 2020
Balance, beginning of period $ 25,900  $ 25,857 
Acquisition of Lyte 7,374  — 
Foreign currency translation (14) 43 
Balance, end of period $ 33,260  $ 25,900 
Intangible Assets
Our intangible assets, excluding goodwill, consist of intangible assets acquired in business combinations and were recorded at their estimated fair values on the date of acquisition. The finite-lived intangible assets that are being amortized are summarized in the table below:
Weighted Average Useful Life
(years)
 December 31, 2021 December 31, 2020
Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount
Trade name 5.0 $ 3,990  $ (799) $ 3,191  $ 651  $ (651) $ — 
Acquired technology 5.1 4,828  (4,828) —  4,828  (4,821) 7 
In-process research and development 5.0 94  (94) —  94  (94) — 
Customer relationships 5.7 4,626  (4,604) 22  4,636  (4,532) 104 
Order backlog 1.5 329  (329) —  329  (329) — 
$ 13,867  $ (10,654) $ 3,213  $ 10,538  $ (10,427) $ 111 
Amortization expense for the years ended December 31, 2021 and 2020, was approximately $238 and $142 respectively.
Expected future annual amortization expense for finite-lived intangible assets as of December 31, 2021, is as follows:
Future amortization expense for the years ending December 31, Amortization
2022 $ 689 
2023 668 
2024 668 
2025 668 
2026 520 
Thereafter — 
Total $ 3,213