Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Other Intangible Assets

v3.21.2
Goodwill and Other Intangible Assets
6 Months Ended
Jun. 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 six months ended June 30, 2021:

Balance at January 1, 2021

$

16,816

Translation adjustments

750

Balance June 30, 2021

$

17,566

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 June 30, 2021

Gross Carrying Amount

Accumulated Amortization

Net Carrying Amount

Customer and vendor relationships

$

10,768

$

691

$

10,077

Trade name

531

23

508

Non-compete

53

38

15

Total

$

11,352

$

752

$

10,600

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 June 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 six months ended June 30, 2021 and 2020, the Company recognized total amortization expense for other intangibles, net of $0.5 million and $0.1 million, respectively.

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

2021 (excluding the six months ended June 30, 2021)

    

$

436

2022

 

842

2023

 

842

2024

 

842

2025

 

842

Thereafter

 

6,796

Total

$

10,600