GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)

9 Months Ended

Sep. 30, 2020

GOODWILL AND OTHER INTANGIBLE ASSETS

Schedule of Changes in the carrying amount of goodwill

Changes in the carrying amount of goodwill are as follows:

Balance, January 1, 2020	$	4,726,000
Currency translation adjustment		(4,000)
Impairment of goodwill		(284,000)
Balance, September 30, 2020	$	4,438,000

Schedule of Other intangible assets

The Company determined that no triggering event occurred during the third quarter of 2020. Nonetheless, the Company will perform its annual test for impairment at November 30, 2020.

Other intangible assets

	September 30, 2020						December 31, 2019
			Accumulated		Net book				Accumulated		Net book
	Cost		amortization		value		Cost		amortization		value
Other intangible assets:
Customer relationships (1)	$	6,486,000	$	2,896,000	$	3,590,000	$	7,825,000	$	2,724,000	$	5,101,000
Trademarks and trade names (1)		2,176,000		—		2,176,000		2,375,000		—		2,375,000
Trademarks and trade names		200,000		56,000		144,000		200,000		45,000		155,000
Engineering drawings		330,000		236,000		94,000		330,000		225,000		105,000
Non-compete agreements (1)		329,000		253,000		76,000		331,000		235,000		96,000
Patents		1,286,000		999,000		287,000		1,405,000		978,000		427,000
Totals	$	10,807,000	$	4,440,000	$	6,367,000	$	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.

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

	September 30, 2020	December 31, 2019
Customer relationships	7.8	8.7
Trademarks and trade names	10.8	11.5
Engineering drawings	6.4	7.1
Non-compete agreements	3.2	3.7
Patents	5.4	7.1

Schedule of Amortization expense of intangible assets

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

Three months ended September 30,				Nine months ended September 30,
2020		2019		2020		2019
$	158,000	$	170,000	$	544,000	$	514,000

Amortization expense for the balance of 2020, and for each of the next five years and thereafter is estimated to be as follows:

2020	$	158,000
2021		629,000
2022		628,000
2023		624,000
2024		576,000
2025		547,000
Thereafter		1,029,000
	$	4,191,000