| 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, 2024:
|
|
|
|
|
|
|
|
|
|
|
|
Distribution |
|
Solutions |
|
Consolidated |
Balance January 1, 2023 |
|
$ |
10,682 |
|
$ |
8,281 |
|
$ |
18,963 |
Goodwill acquired |
|
|
7,143 |
|
|
— |
|
|
7,143 |
Translation adjustments |
|
|
833 |
|
|
243 |
|
|
1,076 |
Balance December 31, 2023 |
|
$ |
18,658 |
|
$ |
8,524 |
|
$ |
27,182 |
Translation adjustments |
|
|
(207) |
|
|
(69) |
|
|
(276) |
Balance March 31, 2024 |
|
$ |
18,451 |
|
$ |
8,455 |
|
$ |
26,906 |
Information related to the Company’s other intangibles, net is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
As of March 31, 2024 |
|
|
Gross Carrying Amount |
|
Accumulated Amortization |
|
Net Carrying Amount |
Customer and vendor relationships |
|
$ |
30,638 |
|
|
5,093 |
|
$ |
25,545 |
Trade name |
|
|
485 |
|
|
110 |
|
|
375 |
Total |
|
$ |
31,123 |
|
$ |
5,203 |
|
$ |
25,920 |
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2023 |
|
|
Gross Carrying Amount |
|
Accumulated Amortization |
|
Net Carrying Amount |
Customer and vendor relationships |
|
$ |
30,968 |
|
$ |
4,424 |
|
$ |
26,544 |
Trade name |
|
|
489 |
|
|
103 |
|
|
386 |
Total |
|
$ |
31,457 |
|
$ |
4,527 |
|
$ |
26,930 |
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 March 31, 2024 and 2023, the Company recognized total amortization expense for other intangibles, net of $0.7 million and $0.5 million, respectively.
Estimated future amortization expense of the Company’s other intangibles, net as of March 31, 2024 is as follows:
|
|
|
|
2024 (excluding the three months ended March 31, 2024) |
|
$ |
2,096 |
2025 |
|
|
2,795 |
2026 |
|
|
2,795 |
2027 |
|
|
2,795 |
2028 |
|
|
2,795 |
Thereafter |
|
|
12,644 |
Total |
|
$ |
25,920 |
|