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GOODWILL AND INTANGIBLES | 9 Months Ended
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Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND INTANGIBLES | GOODWILL AND INTANGIBLES At September 30, 2023 and December 31, 2022, goodwill consisted of approximately $13.6 million and $13.7 million, respectively. The carrying amount and accumulated amortization of intangible assets as of September 30, 2023 and December 31, 2022, respectively, were as follows:
| September 30, 2023 |  | December 31, 2022
Definite-lived intangible assets |  |  |
Customer relationships | $ | 13,328 |  |  | $ | 13,418 |
Less: accumulated amortization | (1,999) |  |  | (1,610) |
Definite-lived intangible assets, net | $ | 11,329 |  |  | $ | 11,808 |
Indefinite-lived intangible assets |  |  |
Brands | $ | 446 |  |  | $ | 2,984 |
Less: impairment | — |  |  | (2,576) |
Effect of exchange rate changes | (3) |  |  | 38 |
Indefinite-lived intangible assets, net | $ | 443 |  |  | $ | 446 |
Intangibles-net | $ | 11,772 |  |  | $ | 12,254 |
Customer relationships are amortized over an estimated useful life of 25 years and brands have an indefinite life. Amortization expense for each of the three months ended September 30, 2023 and 2022 was approximately $0.1 million. Amortization expense for each of the nine months ended September 30, 2023 and 2022 was approximately $0.4 million. Amortization expense is reflected in selling, general and administrative expenses. See Note 2. Basis of Presentation and Summary of Significant Accounting Policies for more information regarding the indefinite-lived intangible asset, brands. The following is the future estimated annualized amortization expense related to customer relationships:
2023 | $ | 133 |
2024 | 533 |
2025 | 533 |
2026 | 533 |
2027 | 533 |
Thereafter | 9,064 |
Total | $ | 11,329 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 350 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//350/tableOfContent + Details
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