Company: ZEUS
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001437749-25-004742
Chunk: 566

Company: OLYMPIC STEEL INC
Filing Date: 2025-02-21
Form: 10-K
Item: Item 3
Chunk 566
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 December 31, 2024  
 (in thousands)   Gross Carrying Amount    Accumulated Amortization    Intangible Assets, Net  
             
 Customer relationships - subject to amortization  $84,459  $(18,513) $65,946 
 Covenant not to compete - subject to amortization   3,229   (1,110)  2,119 
 Technology and know-how - subject to amortization   8,900   (922)  7,978 
 Trade name - not subject to amortization   42,068   -   42,068 
  $138,656  $(20,545) $118,111 

       As of December 31, 2023  
 (in thousands)   Gross Carrying Amount    Accumulated Amortization    Intangible Assets, Net  
             
 Customer relationships - subject to amortization  $62,559  $(15,084) $47,475 
 Covenant not to compete - subject to amortization   2,339   (679)  1,660 
 Technology and know-how - subject to amortization   7,000   (382)  6,618 
 Trade name - not subject to amortization   36,868   -   36,868 
  $108,766  $(16,145) $92,621 

   The useful life of the customer relationships was determined to be ten to 26 years, based primarily on the consistent and predictable revenue source associated with the existing customer base, the present value of which extends through the amortization period. The useful life of the non-compete agreements was determined to be the length of the non-compete agreements, which range from two to five years. The useful life of the technology and know-how was determined to be 10 to 15 years. The useful life of the trade names was determined to be indefinite primarily due to their history and reputation in the marketplace, the Company’s expectation that the trade names will continue to be used, and the conclusion that there are currently no other factors identified that would limit their useful life. The Company will continue to evaluate the useful life assigned to its amortizable customer relationships and noncompete agreements in future periods.
    
   During 2024, a qualitative test was performed