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