XML 25 R13.htm IDEA: XBRL DOCUMENT v3.10.0.1
INTANGIBLE ASSETS
 9 Months Ended
Sep. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS
INTANGIBLE ASSETS
A summary of intangible assets as of September 30, 2018 and December 31, 2017 is as follows (in thousands):
 
 
September 30, 2018
 
December 31, 2017
 
(unaudited)
 
 
 
 
 
 
 
Gross
Carrying
Amount
 
Accumulated
Amortization
 
Net
Carrying
Amount
 
Gross
Carrying
Amount
 
Accumulated
Amortization
 
Net
Carrying
Amount
Customer relationships
$
175,002

 
$
(47,983
)
 
$
127,019

 
$
175,226

 
$
(38,712
)
 
$
136,514

Non-compete agreements
5,494

 
(4,818
)
 
676

 
5,563

 
(4,509
)
 
1,054

Trade names
24,776

 
(17,030
)
 
7,746

 
24,830

 
(6,211
)
 
18,619

Technology
7,852

 
(4,965
)
 
2,887

 
7,867

 
(4,292
)
 
3,575

Licenses
854

 
(553
)
 
301

 
859

 
(460
)
 
399

Total
$
213,978

 
$
(75,349
)
 
$
138,629

 
$
214,345

 
$
(54,184
)
 
$
160,161


Amortization expense for the three months ended September 30, 2018 and 2017 was $7.1 million and $4.0 million, respectively. Amortization expense for the nine months ended September 30, 2018 and 2017 was $21.4 million and $12.4 million, respectively. With respect to our intangible asset associated with the Furmanite trade name, management has determined that, as a result of initiatives to consolidate the Company’s branding, the useful life of this intangible asset is not expected to extend beyond December 31, 2018. In accordance with ASC 350, we are accounting for the change in useful life prospectively effective January 1, 2018 and are amortizing the remaining balance over 2018. For the three and nine months ended September 30, 2018, the change in estimate resulted in $3.1 million and $9.3 million, respectively, of incremental amortization expense.