GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)

3 Months Ended

Mar. 31, 2021

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

Schedule of 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

Schedule of amortization expense of intangible assets

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