Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets

v3.23.2
Intangible Assets
 3 Months Ended
Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets

NOTE 4 – INTANGIBLE ASSETS:

Intangible assets are comprised of the following:

 

 

Weighted Average Amortization Period

 

Gross Carrying Amount

 

 

Accumulated Amortization

 

 

Net Carrying Amount

 

At June 30, 2023

 

 

 

 

 

 

 

 

 

 

Intangibles subject to amortization:

 

 

 

 

 

 

 

 

 

 

Customer relationships

20 years

 

$

11,800

 

 

$

1,229

 

 

$

10,571

 

Technology and technical know-how

20 years

 

 

10,100

 

 

 

1,052

 

 

 

9,048

 

Backlog

4 years

 

 

3,900

 

 

 

3,162

 

 

 

738

 

 

 

 

$

25,800

 

 

$

5,443

 

 

$

20,357

 

 

 

 

 

 

 

 

 

 

 

 

Intangibles not subject to amortization:

 

 

 

 

 

 

 

 

 

 

Tradename

Indefinite

 

$

6,700

 

 

$

—

 

 

$

6,700

 

 

 

 

$

6,700

 

 

$

—

 

 

$

6,700

 

 

Technology and technical know-how and Customer relationships are amortized in Selling, general and administrative expense on a straight line basis over their estimated useful lives. Backlog is amortized in Cost of products sold over the projected conversion period based on management estimates at time of purchase. Intangible amortization was $446 and $619 for the three months ended June 30, 2023 and 2022, respectively. The estimated annual amortization expense by fiscal year is as follows:

 

 

Annual Amortization

 

Remainder of 2024

 

$

1,336

 

2025

 

 

1,318

 

2026

 

 

1,095

 

2027

 

 

1,095

 

2028

 

 

1,095

 

2029 and thereafter

 

 

14,418

 

Total intangible amortization

 

$

20,357