Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Other Intangible Assets

v3.21.2
Goodwill and Other Intangible Assets
9 Months Ended
Sep. 30, 2021
Goodwill and Other Intangible Assets  
Goodwill and Other Intangible Assets

7.            Goodwill and Other Intangible Assets:

The following table summarizes the changes in the carrying amount of goodwill for the nine months ended September 30, 2021:

Balance at January 1, 2021

$

16,816

Translation adjustments

317

Balance September 30, 2021

$

17,133

Information related to the Company’s other intangibles, net is as follows:

As of September 30, 2021

Gross Carrying Amount

Accumulated Amortization

Net Carrying Amount

Customer and vendor relationships

$

10,522

$

876

$

9,646

Trade name

517

31

486

Non-compete

52

48

4

Total

$

11,091

$

955

$

10,136

As of December 31, 2020

Gross Carrying Amount

Accumulated Amortization

Net Carrying Amount

Customer and vendor relationships

$

10,361

$

272

$

10,089

Trade name

504

5

499

Non-compete

50

13

37

Total

$

10,915

$

290

$

10,625

Customer relationships are amortized over thirteen years. Vendor relationships are amortized between eleven and fifteen years. Trade name is amortized over fifteen years. Non-compete is amortized over one year.

During the three months ended September 30, 2021 and 2020, the Company recognized total amortization expense for other intangibles, net of $0.2 million and $0.1 million, respectively. During the nine months ended September 30, 2021 and 2020, the Company recognized total amortization expense for other intangibles, net of $0.7 million and $0.1 million, respectively.

Estimated future amortization expense of the Company’s other intangibles, net as of September 30, 2021 is as follows:

2021 (excluding the nine months ended September 30, 2021)

    

$

209

2022

 

820

2023

 

820

2024

 

820

2025

 

820

Thereafter

 

6,647

Total

$

10,136