XML 37 R17.htm IDEA: XBRL DOCUMENT v3.24.1.u1
GOODWILL AND INTANGIBLES
 3 Months Ended
Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND INTANGIBLES GOODWILL AND INTANGIBLES
At March 31, 2024 and December 31, 2023, goodwill was approximately $13.9 million and $14.2 million, respectively.
The carrying amount and accumulated amortization of intangible assets as of March 31, 2024 and December 31, 2023 were as follows:
March 31,
2024		December 31,
2023
Definite-lived intangible assets
Customer relationships$13,600 $13,902 
Less: accumulated amortization(2,312)(2,233)
Effect of exchange rate changes1 9 
Definite-lived intangible assets-net$11,289 $11,678 
Indefinite-lived intangible assets
Brands$461 $446 
Effect of exchange rate changes(9)15 
Indefinite-lived intangible assets-net452 461 
Intangibles-net$11,741 $12,139 
Customer relationships are amortized over an estimated useful life of 25 years, while brands have an indefinite life. Amortization expense for the three months ended March 31, 2024 and 2023 was approximately $0.1 million for both periods, respectively, and is included in selling, general and administrative expenses.
Other fluctuations in the amounts of intangible assets are due to currency translation adjustments. As of March 31, 2024 and December 31, 2023, there were no indicators of goodwill or intangible asset impairment.
The following is the future estimated annualized amortization expense related to customer relationships:
2024$408 
2025544 
2026544 
2027544 
2028544 
Thereafter8,705 
Total$11,289