Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2020

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

5.    GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill is reviewed for impairment annually, or more frequently if certain indicators arise. The Company assesses each reporting period whether events and circumstances warrant a revision to the previously established useful lives.

During the first quarter of 2020, a decline in the market value of the Company’s public equity concurrent with and partially resulting from the COVID-19 pandemic triggered an assessment of goodwill. The fair value of each reporting unit was determined using a market approach to consider factors such as market capitalization of the Company at March 31, 2020, observed ratios of enterprise value to earnings, and the relative sales contribution of each reporting unit. If a reporting unit’s carrying value exceeded its estimated fair value, an impairment was recorded for the amount in excess. As a result of the interim goodwill impairment test, the Company recognized a goodwill impairment charge of $9.5 million.  

The following table summarizes goodwill activity for the three years in the period ended December 31, 2020 (in millions):

			Accumulated			Goodwill,
	Goodwill		Impairments			Net
Balance at January 1, 2018	$	21.3	$	(11.8	)	$	9.5
No activity in 2017		—		—			—
Balance at December 31, 2018		21.3		(11.8	)		9.5
No activity in 2018		—		—			—
Balance at December 31, 2019		21.3		(11.8	)		9.5
Impairment		—		(9.5	)		(9.5	)
Balance at December 31, 2020	$	21.3	$	(21.3	)	$	-

Information regarding the Company’s other amortizable intangible assets is as follows (in millions):

					Accumulated
	Cost				Amortization
	2020		2019		2020		2019
Customer relationships	$	4.9	$	4.9	$	2.4	$	2.2
Trademarks		1.6		1.6		1.5		1.2
Other		1.6		1.6		1.6		1.6
Total amortizable intangible assets (1)	$	8.1	$	8.1	$	5.5	$	5.0

⁽¹⁾ Amortizable intangible assets are included in “Other Assets.”

Customer relationships are amortized over 15 to 16 years. Trademarks are amortized over five years and other intangibles are amortized over three years. The Company recorded amortization expense of $0.5 million, $0.9 million and $1.2 million for the years ended December 31, 2020, 2019 and 2018, respectively.

Estimated intangible asset amortization expense, by year in the aggregate, consists of the following at December 31, 2020 (in millions):

	Amortization
2021	$	0.3
2022		0.2
2023		0.2
2024		0.2
2025		0.2
Thereafter		1.5
Total	$	2.6