| Summary of Intangible Assets |
The following is a summary of intangible assets as of December 31, 2019 and December 31, 2018:
|
|
|
Customer
Relationships
|
|
|
Other
Intangible
Assets
|
|
|
Total
|
|
|
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
|
|
|
Cost
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, January 1, 2018
|
|
$
|
22,560
|
|
|
$
|
2,467
|
|
|
$
|
25,027
|
|
|
Balance, December 31, 2018
|
|
|
22,560
|
|
|
|
2,467
|
|
|
|
25,027
|
|
|
Useful lives
|
|
|
10-20 years
|
|
|
|
3-5 years
|
|
|
|
|
|
|
Accumulated amortization
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, January 1, 2018
|
|
|
(11,367
|
)
|
|
|
(2,082
|
)
|
|
|
(13,449
|
)
|
|
Amortization expense
|
|
|
(1,520
|
)
|
|
|
(165
|
)
|
|
|
(1,685
|
)
|
|
Balance, December 31, 2018
|
|
|
(12,887
|
)
|
|
|
(2,247
|
)
|
|
|
(15,134
|
)
|
|
Net book value
|
|
$
|
9,673
|
|
|
$
|
220
|
|
|
$
|
9,893
|
|
|
| Schedule of Future Amortization Related to Intangible Assets |
Amortization related to the Company’s finite life intangible assets is scheduled to be expensed over the next five years and thereafter as follows:
|
2020
|
|
$
|
2,733
|
|
|
2021
|
|
|
2,629
|
|
|
2022
|
|
|
2,575
|
|
|
2023
|
|
|
2,416
|
|
|
2024
|
|
|
2,289
|
|
|
Thereafter
|
|
|
16,644
|
|
|
Total
|
|
$
|
29,286
|
|
|