Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Other Intangible Assets

v3.23.3
Goodwill and Other Intangible Assets
9 Months Ended
Sep. 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 nine months ended September 30, 2023:

​

​

​

​

​

Balance January 1, 2023

​

$

18,963

Translation adjustments

​

​

47

Balance September 30, 2023

​

$

19,010

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

As of September 30, 2023

​

​

Gross Carrying Amount

​

Accumulated Amortization

​

Net Carrying Amount

Customer and vendor relationships

​

$

21,509

​

$

3,578

​

$

17,931

Trade name

​

​

469

​

​

91

​

​

378

Total

​

$

21,978

​

$

3,669

​

$

18,309

​

​

​

​

​

​

​

​

​

​

​

​

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 September 30, 2023 and 2022, the Company recognized total amortization expense for other intangibles, net of $0.5 million and $0.3 million, respectively. During the nine months ended September 30, 2023 and 2022, the Company recognized total amortization expense for other intangibles, net of $1.5 million and $0.7 million, respectively.

​

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

​

​

​

​

​

2023 (excluding the nine months ended September 30, 2023)

    

$

468

2024

​

 

1,871

2025

​

 

1,871

2026

​

 

1,871

2027

​

 

1,871

Thereafter

​

 

10,357

Total

​

$

18,309

​