Intangible Assets

9 Months Ended

Sep. 30, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

17.  Intangible assets

As at September 30, 2016		Cost		Accumulated amortization		Net book value
Trade names and trademarks	$	4,959	$	-	$	4,959
Customer relationships		22,538		(544)		21,994
Software		34,496		(11,245)		23,251
Software under development		16,477		-		16,477
	$	78,470	$	(11,789)	$	66,681

17.  Intangible assets (continued)

As at December 31, 2015		Cost		Accumulated amortization		Net book value
Trade names and trademarks	$	800	$	-	$	800
Customer relationships		22,800		(7,097)		15,703
Software		23,269		(5,848)		17,421
Software under development		13,049		-		13,049
	$	59,918	$	(12,945)	$	46,973

During the three and nine months ended September 30, 2016, interest of $111,000 and $287,000, respectively was capitalized to the cost of software under development (2015: $130,000 and $642,000). These interest costs relating to qualifying assets are capitalized at a weighted average rate of 5.32%  (2015:  6.39%).

During the three and nine months ended September 30, 2016, an impairment loss of $4,669,000 was recognized on the customer relationships within the EquipmentOne reporting unit (note 8), reducing the carrying amount from $10,969,000 to an estimated fair value of $6,300,000, which formed the new cost basis of those assets at September 30, 2016. Subsequent to the EquipmentOne reporting unit indefinite-lived intangible asset impairment test, management concluded that an indefinite life of the EquipmentOne reporting unit trade names and trademarks could no longer be supported. Commencing September 30, 2016, the Company has commenced amortizing those trade names and trademarks over their useful life, which management has estimated to be 15 years.