Goodwill and Other Intangible Assets

3 Months Ended

Mar. 31, 2016

Goodwill and Other Intangible Assets [Abstract]

3. Goodwill and Other Intangible Assets

During 2015, as a result of the Company’s assessment of goodwill, we impaired all existing goodwill. The Company had no additions to goodwill for the three months ended March 31, 2016.

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



	March 31, 2016		December 31, 2015
Customer relationships	$	92,660	$	92,660
Non-compete agreements		13,057		13,057
Trade names		1,939		1,939
Other intangible assets		2,085		2,086
		109,741		109,742
Less accumulated amortization		45,223		42,997
Intangible assets subject to amortization, net	$	64,518	$	66,745

Amortization expense was approximately $2.2 million for each of the three months ended March 31, 2016 and 2015.

Intangible assets, net of accumulated amortization allocated to reporting units as of March 31, 2016 were as follows (in thousands):


	Completion
	And Remedial
	Services		Well Servicing		Fluid Services		Contract Drilling		Total
Intangible assets subject to amortization, net	$	48,043	$	5,769	$	7,885	$	2,821	$	64,518

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