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GOODWILL AND INTANGIBLES | 6 Months Ended
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Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND INTANGIBLES | GOODWILL AND INTANGIBLES At June 30, 2024 and December 31, 2023, goodwill was approximately $13.7 million and $14.2 million, respectively. The goodwill balance is subject to fluctuations as a result of changes in foreign exchange rates. The carrying amount and accumulated amortization of intangible assets, net of the impact of foreign exchange rates, as of June 30, 2024 and December 31, 2023 were as follows:
| June 30, 2024 |  | December 31, 2023
Definite-lived intangible assets |  |  |
Customer relationships | $ | 13,467 |  |  | $ | 13,911 |
Less: accumulated amortization | (2,424) |  |  | (2,233) |
Definite-lived intangible assets-net | $ | 11,043 |  |  | $ | 11,678 |
Indefinite-lived intangible assets |  |  |
Brands | $ | 448 |  |  | $ | 461 |
Intangibles-net | $ | 11,491 |  |  | $ | 12,139 |
As of June 30, 2024 and December 31, 2023, there were no indicators of goodwill or intangible asset impairment. Customer relationships are amortized over an estimated useful life of 25 years, while brands have an indefinite life. Amortization expense for each of the three months ended June 30, 2024 and 2023 was approximately $0.1 million. Amortization expense for each of the six months ended June 30, 2024 and 2023 was approximately $0.3 million. Amortization expense is included in selling, general and administrative expenses. The following is the future estimated annualized amortization expense related to customer relationships:
2024 | $ | 270 |
2025 | 539 |
2026 | 539 |
2027 | 539 |
2028 | 539 |
Thereafter | 8,617 |
Total | $ | 11,043 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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