GOODWILL AND OTHER INTANGIBLE ASSETS

3 Months Ended

Mar. 31, 2023

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, 2023	$	4,822,000
Currency translation adjustment		3,000
Balance, March 31, 2023	$	4,825,000

Other intangible assets

	March 31, 2023						December 31, 2022
			Accumulated		Net book				Accumulated		Net book
	Cost		amortization		value		Cost		amortization		value
Other intangible assets:
Customer relationships (1)	$	6,926,000	$	4,247,000	$	2,679,000	$	6,921,000	$	4,099,000	$	2,822,000
Trademarks and trade names (1)		2,170,000		—		2,170,000		2,166,000		—		2,166,000
Trademarks and trade names		200,000		89,000		111,000		200,000		86,000		114,000
Engineering drawings		330,000		272,000		58,000		330,000		268,000		62,000
Non-compete agreements (1)		324,000		311,000		13,000		322,000		303,000		19,000
Patents		1,286,000		1,159,000		127,000		1,286,000		1,143,000		143,000
Totals	$	11,236,000	$	6,078,000	$	5,158,000	$	11,225,000	$	5,899,000	$	5,326,000

(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,
2023		2022
$	173,000	$	157,000

Amortization expense for the balance of 2023, and for each of the next four years and thereafter is estimated to be as follows:

April 1 through December 31, 2023	$	514,000
2024		639,000
2025		610,000
2026		412,000
2027		198,000
Thereafter		615,000
	$	2,988,000

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

	March 31, 2023	December 31, 2022
Customer relationships	5.8	5.9
Trademarks and trade names	8.3	8.5
Engineering drawings	3.9	4.1
Non-compete agreements	0.8	1.0
Patents	4.1	4.1