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Intangible Assets
12 Months Ended
Dec. 31, 2022
Goodwill And Intangible Assets Disclosure [Abstract]  
Intangible Assets

NOTE 6 – INTANGIBLE ASSETS:

Intangible assets as of December 31, 2022 and 2021 were comprised of the following:

 

 

2022

 

 

2021

 

Customer relationships

 

$

5,375

 

 

$

5,850

 

Developed technology

 

 

3,847

 

 

 

4,201

 

Trade name

 

 

2,167

 

 

 

2,442

 

 

 

 

11,389

 

 

 

12,493

 

Accumulated amortization

 

 

(6,195

)

 

 

(6,289

)

Intangible assets, net

 

$

5,194

 

 

$

6,204

 

The trade name is an indefinite-lived asset and, accordingly, is not subject to amortization. The fluctuation between the years is due to changes in foreign currency exchange rates. The following summarizes changes in intangible assets for the years ended December 31:

 

 

 

2022

 

 

2021

 

Balance at the beginning of the year

 

$

6,204

 

 

$

7,217

 

Amortization of intangible assets

 

 

(368

)

 

 

(541

)

Other, primarily impact from changes in foreign currency exchange rates

 

 

(642

)

 

 

(472

)

Balance at the end of the year

 

$

5,194

 

 

$

6,204

 

Identifiable intangible assets are reviewed for impairment whenever events or circumstances indicate that the carrying values may not be recoverable. The potential significant change brought about by the Russia-Ukraine conflict resulting in the European energy crisis was deemed to be a triggering event causing the Corporation to evaluate whether the identifiable intangible assets of an asset group within the FCEP segment were deemed to be impaired. Accordingly, in connection with preparation of its 2023 business plan in the fourth quarter of 2022, the Corporation completed a quantitative analysis of the identifiable intangible assets for the asset group and determined the assets were not impaired. The Corporation continues to evaluate the uncertainty associated with the Russia-Ukraine conflict and, at December 31, 2022, there were no additional triggering events identified.

Identifiable intangible assets are expected to be amortized over a weighted-average period of approximately 12 years or $350 for 2023, $350 for 2024, $296 for 2025, $202 for 2026, $224 for 2027, and $1,605 thereafter.