Goodwill and Intangible Assets |
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Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets | Note 5 — Goodwill and Intangible Assets During the year ended December 31, 2018, the Company noted a sustained decrease in the stock price, which was an indication that the fair value of our goodwill could have fallen below its carrying amount. As a result, the Company performed a quantitative impairment test and determined the goodwill was impaired. We estimated the implied fair value of the goodwill using a variety of valuation methods, including the income and market approaches. During the year ended December 31, 2018, we recognized a loss of $9.0 million associated with the remaining balance of our goodwill. Our estimate of fair value required us to use significant unobservable inputs, representative of a Level 3 fair value measurement. During the year ended December 31, 2017, in connection with the ESCO Acquisition we recognized $7.4 million of goodwill. The Company has $9.1 million of goodwill that is deductible for income tax purposes. The gross carrying amounts and impairments associated with our goodwill were as follows (in millions):
Definite lived intangible assets are comprised of the following (in millions):
Amortization expense was $0.8 million and $0.6 million for the years ended December 31, 2018 and 2017, respectively. Amortization expense for the future periods is expected to be as follows (in millions):
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