Annual report pursuant to Section 13 and 15(d)

Intangible Assets

v3.20.4
Intangible Assets
12 Months Ended
Dec. 31, 2020
Intangible Assets Net Excluding Goodwill [Abstract]  
Intangible Assets

8. INTANGIBLE ASSETS

The following is a summary of intangible assets as of December 31, 2020 and December 31, 2019:

 

 

  

Customer
Relationships

 

 

Other
Intangible
Assets

 

 

Total

 

Cost

  

 

 

 

 

 

 

 

 

 

 

 

Balance, January 1, 2020

  

$

44,060

  

 

$

2,467

  

 

$

46,527

  

Disposal

 

 

 

 

 

(6

)

 

 

(6

)

Balance, December 31, 2020

  

 

44,060

 

 

 

2,461

 

 

 

46,521

  

Useful lives

  

 

10-20 years

  

 

 

3-5 years

  

 

 

 

 

Accumulated amortization

  

 

 

 

 

 

 

 

 

 

 

 

Balance, January 1, 2020

  

 

(14,833

)

 

 

(2,408

)

 

 

(17,241

)

Amortization expense

  

 

(2,674

)

 

 

(59

)

 

 

(2,733

)

Disposal

 

 

 

 

 

6

 

 

 

6

 

Balance, December 31, 2020

  

 

(17,507

)

 

 

(2,461

)

 

 

(19,968

)

Net book value

  

$

26,553

  

 

$

 

 

$

26,553

  

 

Cost

  

 

 

 

 

 

 

 

 

 

 

 

Balance, January 1, 2019

  

$

22,560

  

 

$

2,467

  

 

$

25,027

  

Acquisition of Cortina

 

 

21,500

 

 

 

 

 

 

21,500

 

Balance, December 31, 2019

  

 

44,060

 

 

 

2,467

 

 

 

46,527

  

Useful lives

  

 

10-20 years

  

 

 

3-5 years

  

 

 

 

 

Accumulated amortization

  

 

 

 

 

 

 

 

 

 

 

 

Balance, January 1, 2019

  

 

(12,887

)

 

 

(2,247

)

 

 

(15,134

)

Amortization expense

  

 

(1,946

)

 

 

(161

)

 

 

(2,107

)

Balance, December 31, 2019

  

 

(14,833

)

 

 

(2,408

)

 

 

(17,241

)

Net book value

  

$

29,227

  

 

$

59

  

 

$

29,286

  

Amortization expense related to intangible assets was $2,733, $2,107 and $1,685 for the years ended December 31, 2020, 2019 and 2018, respectively.

Amortization related to the Company’s finite life intangible assets is scheduled to be expensed over the next five years and thereafter as follows:

 

2021

  

$

2,629

  

2022

  

 

2,575

  

2023

  

 

2,416

  

2024

  

 

2,289

  

2025

  

 

2,193

 

Thereafter

  

 

14,451

 

Total

  

$

26,553