Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Other Intangible Assets

v3.21.1
Goodwill and Other Intangible Assets
3 Months Ended
Mar. 31, 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 three months ended March 31, 2021:

Balance at January 1, 2021

$

16,816

Translation adjustments

641

Balance March 31, 2021

$

17,457

Goodwill acquired through our acquisition of CDF is provisional for a period of up to one year from the acquisition date.

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

As of March 31, 2021

Gross Carrying Amount

Accumulated Amortization

Net Carrying Amount

Customer and vendor relationships

$

10,694

$

482

$

10,212

Trade name

529

15

514

Non-compete

53

26

27

Total

$

11,276

$

523

$

10,753

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. Intangible assets acquired through our acquisition of CDF are provisional for a period of up to one year from the acquisition date.

During the three months ended March 31, 2021, the Company recognized total amortization expense for other intangibles, net of $0.2 million. There was no amortization expense for other intangibles, net during the three months ended March 31, 2020.

Estimated future amortization expense of the Company’s other intangibles, net as of March 31, 2021 is as follows:

2021 (excluding the three months ended March 31, 2021)

    

$

656

2022

 

839

2023

 

839

2024

 

839

2025

 

839

Thereafter

 

6,741

Total

$

10,753