Note 8 – Goodwill and intangible assets

Goodwill represents the excess of the purchase price over the fair value of the net assets acquired in business combinations accounted for under the purchase method of accounting. In both 2018 and 2019, due to a significant selling price correction leading to unfavorable market conditions, the Company performed a quantitative test by weighing the results of an income-based valuation technique, the discounted cash flows method, and a market-based valuation technique to determine its reporting units’ fair values.

There were no goodwill impairment losses recognized for the years ended December 31, 2019 and 2018.

Based on the results of the impairment assessments of goodwill and intangible assets performed, management concluded that the fair value of the Company’s goodwill exceeds the carrying value and that there are no impairment indicators related to intangible assets.

At December 31, 2019 the Company had $47.8 million of goodwill, of which $47.0 million is attributable to the acquisition of Airgas-Refrigerants, Inc. on October 10, 2017.

The Company’s other intangible assets consist of the following:


December 31,		2019						2018
(in thousands)	Amortization	Gross						Gross
	Period	Carrying		Accumulated				Carrying		Accumulated
	(in years)	Amount		Amortization		Net		Amount		Amortization		Net
Intangible assets with determinable lives
Patents	5	$	386	$	383	$	3	$	386	$	380	$	6
Covenant not to compete	6 – 10		1,270		783		487		1,270		629		641
Customer relationships	3 – 12		31,560		6,506		25,054		31,660		3,952		27,708
Above market leases	13		567		99		468		567		54		513
Licenses	10		1,000		1,000		—		1,000		417		583
Totals identifiable intangible assets		$	34,783	$	8,771	$	26,012	$	34,883	$	5,432	$	29,451

Intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. During the third quarter of 2019, the Company recorded approximately $0.5 million of impairment charges associated with the shutdown of its Nashville and Puerto Rico facilities. No other impairments were recognized for the years ended December 31, 2019 and 2018.

The amortization of intangible assets for the years ended December 31, 2019 and 2018, were $2.9 million and $3.0 million respectively. Future estimated amortization expense is as follows: 2020 - $2.9 million, 2021 - $2.8 million, 2022 - $2.8 million, 2023‑ $2.8 million, 2024-$2.8 million and thereafter - $11.9 million.