GOODWILL AND OTHER INTANGIBLE ASSETS

3 Months Ended

Mar. 31, 2020

GOODWILL AND OTHER INTANGIBLE ASSETS

GOODWILL AND OTHER INTANGIBLE ASSETS

NOTE 8 – GOODWILL AND OTHER INTANGIBLE ASSETS

Changes in the carrying amount of goodwill are as follows:

Balance, January 1, 2020	$	4,726,000
Currency translation adjustment		(11,000)
Balance, March 31, 2020	$	4,715,000

	March 31, 2020						December 31, 2019
			Accumulated		Net book				Accumulated		Net book
	Cost		amortization		value		Cost		amortization		value
Other intangible assets:
Customer relationships (1)	$	7,809,000	$	2,879,000	$	4,930,000	$	7,825,000	$	2,724,000	$	5,101,000
Trademarks and trade names (1)		2,351,000		—		2,351,000		2,375,000		—		2,375,000
Trademarks and trade names		200,000		49,000		151,000		200,000		45,000		155,000
Engineering drawings		330,000		229,000		101,000		330,000		225,000		105,000
Non-compete agreements (1)		325,000		235,000		90,000		331,000		235,000		96,000
Patents		1,405,000		996,000		409,000		1,405,000		978,000		427,000
Totals	$	12,420,000	$	4,388,000	$	8,032,000	$	12,466,000	$	4,207,000	$	8,259,000

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

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

Three months ended March 31,
2020		2019
$	195,000	$	172,000

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

	March 31, 2020	December 31, 2019
Customer relationships	8.5	8.7
Trademarks and trade names	11.3	11.5
Engineering drawings	6.9	7.1
Non-compete agreements	3.6	3.7
Patents	6.9	7.1

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

2021	$	761,000
2022		757,000
2023		757,000
2024		747,000
2025		690,000
Thereafter		1,969,000
	$	5,681,000