Glatfelter Corp
For the period ended Dec 31, 2023. Filed Feb 28, 2024.
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FY2023 · Filed Feb 28, 2024
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16. Goodwill and Intangible Assets
- GOODWILL AND INTANGIBLE ASSETS
The following table sets forth information with respect to goodwill and other intangible assets:
| In thousands · Balance, Beginning 2022 · Impairment · Purchase price allocation adjustment · Translation · Balance, End of 2022 · Purchase price allocation adjustment · Translation · Balance, End of 2023 | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Goodwill | |||||||||||||||||
| Airlaid Materials | $109,486 | $— | $— | $(4,291) | $105,195 | $— | $2,496 | $107,691 | |||||||||
| Composite Fibers | 78,438 | (76,411) | — | (2,027) | — | — | — | — | |||||||||
| Spunlace | 48,241 | (42,541) | (500) | (5,200) | — | — | — | — | |||||||||
| Total | $236,165 | $(118,952) | $(500) | $(11,518) | $105,195 | $— | $2,496 | $107,691 | |||||||||
| Other Intangible Assets | Balance, Beginning 2022 | Impairment | Amortization | Translation | Balance, End of 2022 | Amortization | Translation | Balance, End of 2023 | |||||||||
| Airlaid Materials | |||||||||||||||||
| Tradename | $4,485 | $— | $— | $(1,043) | $3,442 | $— | $124 | $3,566 | |||||||||
| Accumulated amortization | (603) | — | (170) | 34 | (739) | (174) | (31) | (944) | |||||||||
| Net | 3,882 | — | (170) | (1,009) | 2,703 | (174) | 93 | 2,622 | |||||||||
| Technology and related | 17,825 | — | — | (313) | 17,512 | — | 609 | 18,121 | |||||||||
| Accumulated amortization | (4,552) | — | (1,131) | 246 | (5,437) | (1,160) | (222) | (6,819) | |||||||||
| Net | 13,273 | — | (1,131) | (67) | 12,075 | (1,160) | 387 | 11,302 | |||||||||
| Customer relationships and related | 44,585 | — | (1,433) | 43,152 | — | 834 | 43,986 | ||||||||||
| Accumulated amortization | (10,512) | — | (3,657) | 598 | (13,571) | (3,706) | (408) | (17,685) | |||||||||
| Net | 34,073 | — | (3,657) | (835) | 29,581 | (3,706) | 426 | 26,301 | |||||||||
| Composite Fibers | |||||||||||||||||
| Tradename - non-amortizing | 3,601 | (3,530) | — | (71) | — | — | — | — | |||||||||
| Technology and related | 38,614 | (37,823) | — | (791) | — | — | — | — | |||||||||
| Accumulated amortization | (19,224) | 19,380 | (424) | 268 | — | — | — | — | |||||||||
| Net | 19,390 | (18,443) | (424) | (523) | — | — | — | — | |||||||||
| Customer relationships and related | 34,739 | (34,046) | — | (693) | — | — | — | — | |||||||||
| Accumulated amortization | (22,104) | 22,351 | (587) | 340 | — | — | — | — | |||||||||
| Net | 12,635 | (11,695) | (587) | (353) | — | — | — | — | |||||||||
| Spunlace | |||||||||||||||||
| Products and Tradenames | 27,623 | — | (333) | 27,290 | — | 2,774 | 30,064 | ||||||||||
| Accumulated amortization | (253) | — | (1,241) | (265) | (1,759) | (1,323) | (370) | (3,452) | |||||||||
| Net | 27,370 | — | (1,241) | (598) | 25,531 | (1,323) | 2,404 | 26,612 | |||||||||
| Technology and related | 14,547 | — | (175) | 14,372 | — | 1,461 | 15,833 | ||||||||||
| Accumulated amortization | (202) | — | (1,151) | (102) | (1,455) | (1,223) | (468) | (3,146) | |||||||||
| Net | 14,345 | — | (1,151) | (277) | 12,917 | (1,223) | 993 | 12,687 | |||||||||
| Customer relationships and related | 28,003 | — | (337) | 27,666 | — | 2,812 | 30,478 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Accumulated amortization | (268) | — | (1,487) | (48) | (1,803) | (1,580) | (286) | (3,669) | ||||||
| Net | 27,735 | — | (1,487) | (385) | 25,863 | (1,580) | 2,526 | 26,809 | ||||||
| Total intangibles | 214,022 | (75,399) | — | (5,189) | 133,434 | — | 8,614 | 142,048 | ||||||
| Total accumulated amortization | (57,718) | 41,731 | (9,848) | 1,071 | (24,764) | (9,166) | (1,785) | (35,715) | ||||||
| Net intangibles | $156,304 | $(33,668) | $(9,848) | $(4,118) | $108,670 | $(9,166) | $6,829 | $106,333 |
The following table sets forth information pertaining to amortization of intangible assets:
| In thousands | 2023 | 2022 | 2021 |
|---|---|---|---|
| Aggregate amortization expense: | $9,166 | $9,848 | $9,753 |
| Estimated amortization expense: | |||
| 2024 | 9,408 | ||
| 2025 | 9,408 | ||
| 2026 | 9,408 | ||
| 2027 | 9,408 | ||
| 2028 | 9,408 | ||
Intangible assets are amortized on a straight-line basis. We amortize trade and product names over 15 years to 20 years; technical know-how over 8 years to 20 years; and customer relationships over 11 years to 18 years. The remaining weighted average useful life of intangible assets was 13.1 years at December 31, 2023.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.