GOODWILL AND OTHER INTANGIBLE ASSETS

9 Months Ended

Sep. 30, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets Disclosure [Text Block]

NOTE 8 – GOODWILL AND OTHER INTANGIBLE ASSETS  

Changes in the carrying amount of goodwill are as follows:

Balance, January 1, 2018	$	4,447,000
Currency translation adjustment		(7,000	)
Balance, September 30, 2018	$	4,440,000

Other intangible assets were as follows:

	September 30, 2018						December 31, 2017
	Cost		Accumulated amortization		Net book value		Cost		Accumulated amortization		Net book value
Other intangible assets:
Customer relationships (1)	$	6,827,000	$	1,994,000	$	4,833,000	$	6,836,000	$	1,570,000	$	5,266,000
Trademarks and trade names (1)		2,316,000		—		2,316,000		2,329,000		—		2,329,000
Trademarks and trade names		200,000		29,000		171,000		200,000		19,000		181,000
Engineering drawings		330,000		195,000		135,000		330,000		175,000		155,000
Non-compete agreements (1)		235,000		224,000		11,000		239,000		210,000		29,000
Patents		1,405,000		887,000		518,000		1,405,000		832,000		573,000
Totals	$	11,313,000	$	3,329,000	$	7,984,000	$	11,339,000	$	2,806,000	$	8,533,000

(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 September 30,				Nine months ended September 30,
2018		2017		2018		2017
$	172,000	$	181,000	$	531,000	$	620,000

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

	September 30, 2018		December 31, 2017
Customer relationships		9.5		10.1
Trademarks and trade names		12.8		13.5
Engineering drawings		7.8		8.1
Non-compete agreements		2.5		1.8
Patents		8.2		8.8

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

2019	$	686,000
2020		652,000
2021		637,000
2022		635,000
2023		635,000
Thereafter		2,423,000
	$	5,668,000