Goodwill and Intangibles
Goodwill activity for the year consisted of the following at December 31, (in thousands):
20252024
Balance at beginning of year$17,376 $17,376 
Additions— — 
Impairment— — 
Balance at end of year$17,376 $17,376 
Intangible assets at December 31, 2025 were comprised of the following (in thousands):
Definite-lived Intangible AssetsAmortization
Period
Gross Carrying
Amount
Accumulated
Amortization
Net Carrying
Amount
Trade Name25 years$250 $(109)$141 
Trademarks10 years1,610 (1,281)329 
Developed Technology7 years4,420 (4,420)— 
Customer Relationships
10-12 years
9,330 (6,321)3,009 
Total$15,610 $(12,131)$3,479 
Intangible assets at December 31, 2024 were comprised of the following (in thousands):
Definite-lived Intangible AssetsAmortization
Period
Gross Carrying
Amount
Accumulated
Amortization
Net Carrying
Amount
Trade Name25 years$250 $(99)$151 
Trademarks10 years1,610 (1,120)490 
Developed Technology7 years4,420 (4,393)27 
Customer Relationships
10-12 years
9,330 (5,568)3,762 
Total$15,610 $(11,180)$4,430 
The Company incurred $951,000, $1,587,000 and $1,602,000 of amortization expense for the years ended December 31, 2025, 2024, and 2023, respectively.
As of December 31, 2025, future intangible amortization is as follows (in thousands):
Amortization Expense
2026$915 
2027915
2028761
2029754
203042
2031 and thereafter92
Total$3,479 
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Historical Timeline

Fiscal YearFiled
2025Mar 10, 2026Showing above
2024Mar 11, 2025
2023Mar 12, 2024
2022Mar 14, 2023
2021Mar 11, 2022
2020Mar 11, 2021
2019Mar 13, 2020
2018Mar 18, 2019
2017Mar 7, 2018
2016Mar 9, 2017
2015Mar 11, 2016

About Goodwill & Intangibles Disclosures

Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.

Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.