Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Other Intangible Assets

v3.23.1
Goodwill and Other Intangible Assets
3 Months Ended
Mar. 31, 2023
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, 2023:

Balance at January 1, 2023

$

18,963

Translation adjustments

257

Balance March 31, 2023

$

19,220

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

As of March 31, 2023

Gross Carrying Amount

Accumulated Amortization

Net Carrying Amount

Customer and vendor relationships

$

21,752

$

2,666

$

19,086

Trade name

475

76

399

Total

$

22,227

$

2,742

$

19,485

As of December 31, 2022

Gross Carrying Amount

Accumulated Amortization

Net Carrying Amount

Customer and vendor relationships

$

21,457

$

2,165

$

19,292

Trade name

468

67

401

Total

$

21,925

$

2,232

$

19,693

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

During the three months ended March 31, 2023 and 2022, the Company recognized total amortization expense for other intangibles, net of $0.5 million and $0.2 million, respectively.

Estimated future amortization expense of the Company’s other intangibles, net as of March 31, 2023 is as follows:

2022 (excluding the three months ended March 31, 2023)

    

$

1,424

2023

 

1,898

2024

 

1,898

2025

 

1,898

2026

 

1,898

Thereafter

 

10,469

Total

$

19,485