Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Other Intangible Assets

v3.22.1
Goodwill and Other Intangible Assets
3 Months Ended
Mar. 31, 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 three months ended March 31, 2022:

Balance at January 1, 2022

$

17,188

Translation adjustments

(328)

Balance March 31, 2022

$

16,860

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

As of March 31, 2022

Gross Carrying Amount

Accumulated Amortization

Net Carrying Amount

Customer and vendor relationships

$

10,405

$

1,265

$

9,140

Trade name

504

47

457

Total

$

10,909

$

1,312

$

9,597

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. Non-compete is amortized over one year.

During the three months ended March 31, 2022 and 2021, the Company recognized total amortization expense for other intangibles, net of $0.2 million, respectively.

Estimated future amortization expense of the Company’s other intangibles, net as of March 31, 2022 is as follows:

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

    

$

603

2023

 

804

2024

 

804

2025

 

804

2026

 

804

Thereafter

 

5,778

Total

$

9,597