Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Other Intangible Assets

v3.21.1
Goodwill and Other Intangible Assets
3 Months Ended
Mar. 31, 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 three months ended March 31, 2021:

​

​

​

​

​

Balance at January 1, 2021

​

$

16,816

Translation adjustments

​

​

641

Balance March 31, 2021

​

$

17,457

​

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 March 31, 2021

​

​

Gross Carrying Amount

​

Accumulated Amortization

​

Net Carrying Amount

Customer and vendor relationships

​

$

10,694

​

$

482

​

$

10,212

Trade name

​

​

529

​

​

15

​

​

514

Non-compete

​

​

53

​

​

26

​

​

27

Total

​

$

11,276

​

$

523

​

$

10,753

​

​

​

​

​

​

​

​

​

​

​

​

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.

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During the three months ended March 31, 2021, the Company recognized total amortization expense for other intangibles, net of $0.2 million. There was no amortization expense for other intangibles, net during the three months ended March 31, 2020.

​

Estimated future amortization expense of the Company’s other intangibles, net as of March 31, 2021 is as follows:

​

​

​

​

​

2021 (excluding the three months ended March 31, 2021)

    

$

656

2022

​

 

839

2023

​

 

839

2024

​

 

839

2025

​

 

839

Thereafter

​

 

6,741

Total

​

$

10,753

​