Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible AssetsGoodwill

Goodwill relates to the acquisition of Shoals and ConnectPV. As of December 31, 2022 and 2021, goodwill totaled $69.9 million and $69.4 million, respectively. Changes in the carrying amount of goodwill during the years ended December 31, 2022 and 2021 are shown below (in thousands):


	Goodwill
Balance at December 31, 2020	$	50,176
Acquisition of ConnectPV	19,260
Balance at December 31, 2021	69,436
Adjustments related to finalization of working capital in the acquisition of ConnectPV	505
Balance at December 31, 2022	$	69,941

Other Intangible Assets

Other intangible assets, net consisted of the following (in thousands):


	Estimated Useful Lives (Years)
		December 31,
		2022		2021
Amortizable:
Costs:
Customer relationships	13	$	53,100	$	53,100
Developed technology	13	34,600		34,600
Trade names	13	11,900		11,900
Backlog	1	600		600
Noncompete agreements	5	2,000		2,000
Total amortizable intangibles		102,200		102,200
Accumulated amortization:
Customer relationships		22,925		18,629
Developed technology		14,860		12,199
Trade names		5,230		4,103
Backlog		600		200
Noncompete agreements		2,000		1,833
Total accumulated amortization		45,615		36,964
Total other intangible assets, net		$	56,585	$	65,236

Amortization expense related to intangible assets amounted to $8.7 million, $8.4 million and $8.0 million for the years ended December 31, 2022, 2021 and 2020, respectively. Estimated future annual amortization expense for other intangible assets, net are as follows (in thousands):


For the Year Ended December 31,	Amortization Expense
2023	$	7,918
2024	7,585
2025	7,585
2026	7,585
2027	7,585
Thereafter	18,327
	$	56,585