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Goodwill and Other Intangible Assets | 9 Months Ended
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Sep. 30, 2020
Goodwill and Other Intangible Assets |
Goodwill and Other Intangible Assets | 7. Goodwill and Other Intangible Assets: The following table summarizes the changes in the carrying amount of goodwill for the nine months ended September 30, 2020:
Balance at January 1, 2020 |  | $ | —
Acquisition of Interwork US and Interwork Canada |  |  | 3,857
Translation adjustments |  |  | 142
Balance September 30, 2020 |  | $ | 3,999
Goodwill represents the premium paid over the fair value of the net tangible and intangible assets that are individually identified and separately recognized in business combinations. The change in our goodwill balance during the nine months ended September 30, 2020 relates to our acquisition of Interwork US and Interwork Canada, which has been allocated to the Climb Channel Solutions segment. Information related to the Company’s other intangibles, net is as follows:
|  | September 30, 2020
|  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
Vendor relationships |  | $ | 3,888 |  | $ | 121 |  | $ | 3,767
Non-compete |  |  | 8 |  |  | 3 |  |  | 5
Total |  | $ | 3,896 |  | $ | 124 |  | $ | 3,772
Other intangibles, net was zero as of December 31, 2019. Vendor relationships are amortized between eleven to fifteen years. Non-compete is amortized over one year. During the three and nine months ended September 30, 2020, the Company recognized total amortization expense for other intangibles, net of $0.1 million. There was no amortization expense for other intangibles, net during the three and nine months ended September 30, 2019. Amortization expense is included in selling, general and administrative expense. Estimated future amortization expense of the Company’s other intangibles, net as of September 30, 2020 is as follows:
2020 (excluding the nine months ended September 30, 2020) |  | $ | 75
2021 |  |  | 294
2022 |  |  | 291
2023 |  |  | 291
2024 |  |  | 291
Thereafter |  |  | 2,530
Total |  | $ | 3,772

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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