Note 6 - Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2020

Notes to Financial Statements

Goodwill and Intangible Assets Disclosure [Text Block]

6. GOODWILL AND INTANGIBLE ASSETS

The carrying amount of goodwill was $429.6 million at both June 30, 2020 and December 31, 2019. The Company has not historically recorded any impairment of goodwill.

Intangible assets consisted of the following (dollars in thousands):   

				June 30, 2020						December 31, 2019
	Useful Life Range (in years)			Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Finite-Lived Intangible Assets
Franchise renewals	1	–	25	$	2,927	$	2,927	$	-	$	2,927	$	2,895	$	32
Customer relationships	14	–	17		362,000		59,213		302,787		362,000		37,470		324,530
Trademarks and trade names	2.7	–	3		4,300		2,052		2,248		4,300		1,552		2,748
Total finite-lived intangible assets				$	369,227	$	64,192	$	305,035	$	369,227	$	41,917	$	327,310
Indefinite-Lived Intangible Assets
Franchise agreements								$	978,371					$	978,371
Trade name									6,700						6,700
Total indefinite-lived intangible assets								$	985,071					$	985,071
Total intangible assets, net								$	1,290,106					$	1,312,381

Intangible asset amortization expense was $11.1 million and $4.2 million for the three months ended June 30, 2020 and 2019, respectively, and $22.3 million and $8.3 million for the six months ended June 30, 2020 and 2019, respectively.

The future amortization of existing finite-lived intangible assets as of June 30, 2020 was as follows (in thousands):

Year Ending December 31,	Amount
2020 (remaining six months)	$	22,159
2021		39,059
2022		34,314
2023		27,845
2024		23,083
Thereafter		158,575
Total	$	305,035

Actual amortization expense in future periods may differ from the amounts above as a result of intangible asset acquisitions or divestitures, changes in useful life estimates, impairments or other relevant factors.