GOODWILL AND OTHER INTANGIBLE ASSETS

3 Months Ended

Mar. 31, 2021

GOODWILL AND OTHER INTANGIBLE ASSETS

GOODWILL AND OTHER INTANGIBLE ASSETS

NOTE 7 – GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill

Changes in the carrying amount of goodwill are as follows:

Balance, January 1, 2021	$	4,449,000
Currency translation adjustment		2,000
Balance, March 31, 2021	$	4,451,000

The Company determined that no triggering event occurred during the first quarter fiscal of 2021.

Other intangible assets

	March 31, 2021						December 31, 2020
			Accumulated		Net book				Accumulated		Net book
	Cost		amortization		value		Cost		amortization		value
Other intangible assets:
Customer relationships (1)	$	6,504,000	$	3,163,000	$	3,341,000	$	6,502,000	$	3,034,000	$	3,468,000
Trademarks and trade names (1)		2,188,000		—		2,188,000		2,187,000		—		2,187,000
Trademarks and trade names		200,000		62,000		138,000		200,000		59,000		141,000
Engineering drawings		330,000		243,000		87,000		330,000		239,000		91,000
Non-compete agreements (1)		336,000		274,000		62,000		335,000		266,000		69,000
Patents		1,286,000		1,032,000		254,000		1,286,000		1,016,000		270,000
Totals	$	10,844,000	$	4,774,000	$	6,070,000	$	10,840,000	$	4,614,000	$	6,226,000

(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:

	March 31, 2021	December 31, 2020
Customer relationships	7.4	7.6
Trademarks and trade names	10.3	10.5
Engineering drawings	5.9	6.1
Non-compete agreements	2.8	3.0
Patents	5.0	5.2

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

Three months ended March 31,
2021		2020
$	159,000	$	195,000

Amortization expense for the balance of 2021, and for each of the next five years and thereafter is estimated to be as follows:

2021	$	472,000
2022		630,000
2023		626,000
2024		577,000
2025		548,000
Thereafter		1,029,000
	$	3,882,000