Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Other Intangible Assets

v3.22.2
Goodwill and Other Intangible Assets
6 Months Ended
Jun. 30, 2022
Goodwill and Other Intangible Assets  
Goodwill and Other Intangible Assets

6.            Goodwill and Other Intangible Assets:

The following table summarizes the changes in the carrying amount of goodwill for the six months ended June 30, 2022:

Balance at January 1, 2022

$

17,188

Translation adjustments

(1,367)

Balance June 30, 2022

$

15,821

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

As of June 30, 2022

Gross Carrying Amount

Accumulated Amortization

Net Carrying Amount

Customer and vendor relationships

$

9,852

$

1,391

$

8,461

Trade name

467

52

415

Total

$

10,319

$

1,443

$

8,876

As of December 31, 2021

Gross Carrying Amount

Accumulated Amortization

Net Carrying Amount

Customer and vendor relationships

$

10,550

$

1,079

$

9,471

Trade name

519

40

479

Total

$

11,069

$

1,119

$

9,950

Customer relationships are amortized over thirteen years. Vendor relationships are amortized between eleven and fifteen years. Trade name is amortized over fifteen years.

During the three months ended June 30, 2022 and 2021, the Company recognized total amortization expense for other intangibles, net of $0.2 million, respectively. During the six months ended June 30, 2022 and 2021, the Company recognized total amortization expense for other intangibles, net of $0.4 million and $0.5 million, respectively.

Estimated future amortization expense of the Company’s other intangibles, net as of June 30, 2022 is as follows:

2022 (excluding the six months ended June 30, 2022)

    

$

378

2023

 

757

2024

 

757

2025

 

757

2026

 

757

Thereafter

 

5,470

Total

$

8,876