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Goodwill and Intangible Assets
12 Months Ended
Dec. 31, 2018
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):
 
Amount
Balance, January 1, 2017
$
1.6

Acquired
7.4

Impaired

Balance, December 31, 2017
9.0

Acquired

Impaired
9.0

Balance, December 31, 2018
$


Definite lived intangible assets are comprised of the following (in millions):
 
 
Estimated
Useful Life
 
December 31,
 
 
 
2018
 
2017
Tradenames
 
3
 
$
0.1

 
$
0.1

Customer relationships
 
10 - 18
 
11.4

 
11.4

Less: accumulated amortization
 
 
 
(1.5
)
 
(0.7
)
Intangible assets, net
 
 
 
$
10.0

 
$
10.8


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):
Year Ended December 31,
Amount
2019
$
0.8

2020
0.7

2021
0.7

2022
0.7

2023
0.7

Thereafter
6.4

Total
$
10.0