GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)

9 Months Ended

Sep. 30, 2019

GOODWILL AND OTHER INTANGIBLE ASSETS

Schedule of good will

Changes in the carrying amount of goodwill are as follows:

Balance, January 1, 2019	$	4,436,000
Currency translation adjustment		(6,000)
Balance, September 30, 2019	$	4,430,000

Schedule of intangible assets

Other intangible assets were as follows:

	September 30, 2019						December 31, 2018
			Accumulated		Net book				Accumulated		Net book
	Cost		amortization		value		Cost		amortization		value
Other intangible assets:
Customer relationships (1)	$	6,813,000	$	2,558,000	$	4,255,000	$	6,821,000	$	2,135,000	$	4,686,000
Trademarks and trade names (1)		2,296,000		—		2,296,000		2,308,000		—		2,308,000
Trademarks and trade names		200,000		42,000		158,000		200,000		32,000		168,000
Engineering drawings		330,000		221,000		109,000		330,000		202,000		128,000
Non-compete agreements (1)		229,000		223,000		6,000		233,000		223,000		10,000
Patents		1,405,000		960,000		445,000		1,405,000		905,000		500,000
Totals	$	11,273,000	$	4,004,000	$	7,269,000	$	11,297,000	$	3,497,000	$	7,800,000

(1) A portion of these intangibles are maintained in a foreign currency, and are therefore subject to foreign exchange rate fluctuations.

The weighted average amortization period for intangible assets was as follows:

	September 30, 2019	December 31, 2018
Customer relationships	8.6	9.3
Trademarks and trade names	11.8	12.5
Engineering drawings	7.4	7.7
Non-compete agreements	1.5	2.3
Patents	7.3	7.9

Schedule of amortization of intangible assets

Amortization expense of intangible assets subject to amortization was as follows:

Three months ended September 30,				Nine months ended September 30,
2019		2018		2019		2018
$	170,000	$	172,000	$	514,000	$	531,000

Amortization expense for each of the next five years and thereafter is estimated to be as follows:

2020	$	651,000
2021		636,000
2022		634,000
2023		634,000
2024		619,000
Thereafter		1,799,000
	$	4,973,000