Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2015

Goodwill and Other Intangible Assets [Abstract]

Goodwill and Intangible Assets Disclosure [Text Block]

3. Goodwill and Other Intangible Assets

Additions to goodwill during the six months ended June 30, 2015 were primarily due to adjustments to the preliminary purchase price allocation for acquisitions completed in prior year. The changes in carrying amount of goodwill for the six months ended June 30, 2015 were as follows (in thousands):



	Completion
	And Remedial
	Services
Balance as of December 31, 2014	$	78,011
Goodwill adjustments		3,866
Balance as of June 30, 2015	$	81,877

Basic’s intangible assets subject to amortization were as follows (in thousands):



	June 30, 2015		December 31, 2014
Customer relationships	$	91,039	$	88,576
Non-compete agreements		12,734		13,223
Trade names		1,939		1,939
Other intangible assets		2,097		2,097
		107,810		105,835
Less accumulated amortization		39,050		34,662
Intangible assets subject to amortization, net	$	68,760	$	71,173

Amortization expense for the three months ended June 30, 2015 and 2014 was approximately $2.3 million and $2.1 million, respectively. Amortization expense for the six months ended June 30, 2015 and 2014 was approximately $4.4 million and $4.3 million, respectively.

Intangible assets, net of accumulated amortization allocated to reporting units as of June 30, 2015 were as follows (in thousands):



	Completion
	And Remedial
	Services		Well Servicing		Fluid Services		Contract Drilling		Total
Intangible assets subject to amortization, net	$	51,320	$	5,165	$	9,140	$	3,135	$	68,760

Customer relationships are amortized over a 15-year life, non-compete agreements are amortized over a five-year life, and other intangible assets and trade names are amortized over a 15-year life.

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

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