Intangible Assets/Liabilities Other Than Goodwill
 12 Months Ended
Dec. 31, 2019
INTANGIBLE ASSETS/LIABILITIES OTHER THAN GOODWILL [Abstract]  
INTANGIBLE ASSETS/LIABILITIES OTHER THAN GOODWILL

NOTE 8: INTANGIBLE ASSETS/LIABILITIES OTHER THAN GOODWILL

Net Book Value of Intangible Assets other than Goodwill as at December 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

  

Acquisition

Cost

 

  

Accumulated

Amortization

 

Net Book Value

December 31,

2019

 

Trade name (*)

  

$

90,000

 

  

$

(40,357)

 

  

$

49,643

 

Port terminal operating rights

  

 

53,152

 

  

 

(12,837)

 

  

 

40,315

 

Customer relationships

  

 

35,490

 

  

 

(21,294)

 

  

 

14,196

 

Favorable lease terms

  

 

31,342

 

  

 

(16,855)

 

  

 

14,487

 

Navios Containers deconsolidation

  

 

(31,342)

 

  

 

   16,855

 

  

 

  (14,487)

 

Total Intangible assets

  

$

178,642

 

  

$

(74,488)

 

  

$

104,154

 

 

  

 

 

 

  

 

 

 

  

 

 

  

 

 

Net Book Value of Intangible Assets other than Goodwill as at December 31, 2018

 

 

  

Acquisition

Cost

 

  

Accumulated

Amortization

 

  

Transfer/

Write

off

 

  

Net Book Value

December 31,

2018

 

Trade name

  

$

100,420

 

  

$

(47,966

) 

  

$

—  

 

  

$

52,454

 

Port terminal operating rights

  

 

53,152

 

  

 

(11,838

) 

  

 

—  

 

  

 

41,314

 

Customer relationships

  

 

35,490

 

  

 

(19,520

) 

  

 

—  

 

  

 

15,970

 

Favorable lease terms(**)

  

 

32,492

 

  

 

(2,143

) 

  

 

(1,150

) 

  

 

29,199

 

Total Intangible assets

  

$

221,554

 

  

$

(81,467

) 

  

$

(1,150

) 

  

$

138,937

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

 

(*)The decrease in cost basis and accumulated amortization includes $10,420 write off relating to Navios Logistics’ trade name which was fully amortized.

(**)During the year ended December 31, 2018, acquisition costs of $1,150 of favorable lease terms were capitalized as part of the cost of one vessel due to the exercise of the purchase option (See also Note 2(n)). As of December 31, 2018, intangible assets associated with the favorable lease terms included an amount of $31,342 associated with the favorable lease terms of certain charter out contracts of Navios Containers which were recognized as of November 30, 2018 (see Note 3). During the year ended December 31, 2017, acquisition costs of $10,398 and accumulated amortization of $7,001 of favorable lease terms were considered impaired and were written off resulting in a loss of $3,397 included in the statement of comprehensive (loss)/income within the caption of “Impairment loss/ loss on sale of vessels, net”.

 

 

  

Amortization

Expense and

Write Offs

Year Ended

December 31,

2019

 

  

Amortization

Expense and

Write Offs

Year Ended

December 31,

2018

 

  

Amortization

Expense and

Write Offs

Year Ended

December 31,

2017

 

Trade name

  

$

2,811

 

  

$

2,811

 

  

$

3,853

 

Port terminal operating rights

  

 

999

 

  

 

950

 

  

 

727

 

Customer relationships

  

 

1,774

 

  

 

1,774

 

  

 

1,775

 

Favorable lease terms

  

 

—  

 

  

 

—  

 

  

 

4,038

 

Total

  

$

5,584

 

  

$

5,535

 

  

$

10,393

 

 

  

 

 

 

  

 

 

 

  

 

 

 

The remaining aggregate amortization of acquired intangibles as of December 31, 2019 was as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Description

  

Within one

year

 

  

Year Two

 

  

Year Three

 

  

Year Four

 

  

Year Five

 

  

Thereafter

 

  

Total

 

Trade name

  

$

2,818

 

  

$

2,811

 

  

$

2,811

 

  

$

2,811

 

  

$

2,818

 

  

$

35,574

 

  

$

49,643

 

Port terminal operating rights

  

 

995

 

  

 

995

 

  

 

995

 

  

 

995

 

  

 

995

 

  

 

35,340

 

  

 

40,315

 

Customer relationships

  

 

1,775

 

  

 

1,775

 

  

 

1,775

 

  

 

1,775

 

  

 

1,775

 

  

 

5,321

 

  

 

14,196

 

Total amortization

  

$

5,588

 

  

$

5,581

 

  

$

5,581

 

  

$

5,581

 

  

$

5,588

 

  

$

76,235

 

  

$

104,154