Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Other Intangible Assets

v3.23.2
Goodwill and Other Intangible Assets
6 Months Ended
Jun. 30, 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 six months ended June 30, 2023:

Balance at January 1, 2023

$

18,963

Translation adjustments

674

Balance June 30, 2023

$

19,637

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

As of June 30, 2023

Gross Carrying Amount

Accumulated Amortization

Net Carrying Amount

Customer and vendor relationships

$

22,228

$

3,205

$

19,023

Trade name

486

86

400

Total

$

22,714

$

3,291

$

19,423

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 June 30, 2023 and 2022, the Company recognized total amortization expense for other intangibles, net of $0.5 million and $0.2 million, respectively. During the six months ended June 30, 2023 and 2022, the Company recognized total amortization expense for other intangibles, net of $1.0 million and $0.4 million, respectively.

Estimated future amortization expense of the Company’s other intangibles, net as of June 30, 2023 is as follows:

2023 (excluding the six months ended June 30, 2023)

    

$

969

2024

 

1,938

2025

 

1,938

2026

 

1,938

2027

 

1,938

Thereafter

 

10,702

Total

$

19,423