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Note 11 - Intangible Assets | 12 Months Ended
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Dec. 31, 2020
Notes to Financial Statements |
Intangible Assets Disclosure [Text Block] |
11. | Intangible assets
The following table summarizes the gross value, accumulated amortization and net carrying value of the Company's indefinite life and finite life intangible assets:
December 31, 2020 |  |  | Gross |  |  |  |  |  |  |  |  |
|  |  | carrying |  |  |  | Accumulated |  |  |  |  |
|  |  | amount |  |  |  | amortization |  |  |  | Net |
Indefinite life intangible assets: |  |  |  |  |  |  |  |  |  |  |  |
Licenses |  | $ | 29,200 |  |  | $ | - |  |  | $ | 29,200 |
Trademarks and trade names |  |  | 24,096 |  |  |  | - |  |  |  | 24,096 |
|  | $ | 53,296 |  |  | $ | - |  |  | $ | 53,296 |
Finite life intangible assets: |  |  |  |  |  |  |  |  |  |  |  |
Customer lists and relationships |  | $ | 345,511 |  |  | $ | 123,368 |  |  | $ | 222,143 |
Investment management contracts |  |  | 270,600 |  |  |  | 60,723 |  |  |  | 209,877 |
Mortgage servicing rights ("MSRs") |  |  | 114,909 |  |  |  | 13,121 |  |  |  | 101,788 |
Franchise rights |  |  | 5,630 |  |  |  | 5,322 |  |  |  | 308 |
Trademarks and trade names |  |  | 14,803 |  |  |  | 4,355 |  |  |  | 10,448 |
Management contracts and other |  |  | 20,813 |  |  |  | 12,406 |  |  |  | 8,407 |
Backlog |  |  | 16,307 |  |  |  | 12,244 |  |  |  | 4,063 |
|  | $ | 788,573 |  |  | $ | 231,539 |  |  | $ | 557,034 |
|  | $ | 841,869 |  |  | $ | 231,539 |  |  | $ | 610,330 |
|  |  | Gross |  |  |  |  |  |  |  |  |
December 31, 2019 |  |  | carrying |  |  |  | Accumulated |  |  |  |  |
|  |  | amount |  |  |  | amortization |  |  |  | Net |
Indefinite life intangible assets: |  |  |  |  |  |  |  |  |  |  |  |
Trademarks and trade names |  | $ | 23,810 |  |  | $ | - |  |  | $ | 23,810 |
|  | $ | 23,810 |  |  | $ | - |  |  | $ | 23,810 |
Finite life intangible assets: |  |  |  |  |  |  |  |  |  |  |  |
Customer lists and relationships |  | $ | 310,856 |  |  | $ | 115,987 |  |  | $ | 194,869 |
Investment management contracts |  |  | 270,600 |  |  |  | 36,434 |  |  |  | 234,166 |
Franchise rights |  |  | 5,163 |  |  |  | 4,505 |  |  |  | 658 |
Trademarks and trade names |  |  | 12,435 |  |  |  | 2,398 |  |  |  | 10,037 |
Management contracts and other |  |  | 16,088 |  |  |  | 9,306 |  |  |  | 6,782 |
Backlog |  |  | 8,558 |  |  |  | 1,426 |  |  |  | 7,132 |
|  | $ | 623,700 |  |  | $ | 170,056 |  |  | $ | 453,644 |
|  | $ | 647,510 |  |  | $ | 170,056 |  |  | $ | 477,454 |
In May 2020, the Company acquired MSR intangible assets in its acquisition of Colliers Mortgage. MSR intangible assets represent the carrying value of servicing assets in the Americas segment. The MSR asset is being amortized over the estimated period that the net servicing income is expected to be received. The amount of MSRs recognized in 2020 are summarized in the table below.
|  |  | 2020 |
Balance, January 1 |  | $ | - |
Recognized on business acquisitions |  |  | 99,900 |
Additions, following the sale of loan |  |  | 15,009 |
Amortization expense |  |  | (8,553 | )
Prepayments and write-offs |  |  | (4,568 | )
Balance, December 31 |  | $ | 101,788 |
During the year ended December 31, 2020, the Company acquired the following intangible assets:
|  |  |  |  |  |  | Estimated |
|  |  |  |  |  |  | weighted |
|  |  |  |  |  |  | average |
|  |  |  |  |  |  | amortization |
|  |  | Amount |  |  |  | period (years) |
Indefinite life intangible assets: |  |  |  |  |  |  |  |
Licenses - indefinite life |  | $ | 29,200 |  |  |  | - |
Finite life intangible assets: |  |  |  |  |  |  |  |
Customer lists and relationships |  | $ | 52,193 |  |  |  | 9.8 |
Mortgage servicing rights (MSR) |  |  | 99,900 |  |  |  | 8.2 |
Trademarks and trade names - finite life |  |  | 3,500 |  |  |  | 2.0 |
Customer backlog |  |  | 8,740 |  |  |  | 0.7 |
Other |  |  | 4,800 |  |  |  | 4.6 |
|  | $ | 198,333 |  |  |  | 8.1 |
The following is the estimated future expense for amortization of the recorded MSRs and other intangible assets for each of the next five years and thereafter:
For the year ended December 31, |  |  | MSRs |  |  |  | Other Intangibles |  |  |  | Total |
2021 |  | $ | 13,469 |  |  |  | 68,831 |  |  | $ | 82,300 |
2022 |  |  | 12,376 |  |  |  | 62,153 |  |  |  | 74,529 |
2023 |  |  | 11,516 |  |  |  | 58,429 |  |  |  | 69,945 |
2024 |  |  | 10,730 |  |  |  | 48,828 |  |  |  | 59,558 |
2025 |  |  | 9,652 |  |  |  | 41,493 |  |  |  | 51,145 |
Thereafter |  |  | 44,045 |  |  |  | 175,512 |  |  |  | 219,557 |
|  | $ | 101,788 |  |  |  | 455,246 |  |  | $ | 557,034 |

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