Goodwill and Other Intangible Assets
|12 Months Ended|
Dec. 31, 2020
|Goodwill and Other Intangible Assets|
|Goodwill and Other Intangible Assets||
5. Goodwill and Other Intangible Assets
The following table summarizes the changes in the carrying amount of goodwill for the year ended December 31, 2020.
Goodwill represents the premium paid over the fair value of the net tangible and intangible assets that are individually identified and separately recognized in business combinations. The change in our goodwill balance during the year ended December 31, 2020 relates to our acquisitions of Interwork and CDF, with goodwill acquired through our acquisitions of Interwork and CDF 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:
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 year ended December 31, 2020, the Company recognized total amortization expense for other intangibles, net of $0.3 million. There was no amortization expense for other intangibles, net during the year ended December 31, 2019.
Estimated future amortization expense of the Company’s other intangibles, net as of December 31, 2020 is as follows:
The entire disclosure for goodwill and intangible assets.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef