10.Goodwill and Intangible Assets

Goodwill

The table below summarizes changes in goodwill recorded by the Company during the periods ended December 31, 2019 and 2018:


	December 31,		December 31,
	2019		2018
Beginning balance, January 1	$	—	$	69,483
Impairments		—		(69,483)
Ending balance	$	—	$	—

In the fourth quarter of 2018, the Company’s annual goodwill impairment test indicated that its goodwill was fully impaired, primarily due to a decline in the Company’s market capitalization and as a result it incurred a goodwill impairment charge of $69.5 million with $33.8 million related to the Marine segment and $35.7 million related to the Concrete segment.

Intangible assets

The tables below present the activity and amortizations of finite-lived intangible assets:


	December 31,		December 31,
	2019		2018
Finite-lived intangible assets, beginning of period	$	35,240	$	35,240
Additions		—		—
Total finite-lived intangible assets, end of period	$	35,240	$	35,240

Accumulated amortization, beginning of period	$	(27,345)	$	(23,955)
Current year amortization		(2,640)		(3,390)
Total accumulated amortization		(29,985)		(27,345)

Net finite-lived intangible assets, end of period	$	5,255		7,895
Infinite-lived intangible assets		6,892		6,892
Total net intangible assets	$	12,147	$	14,787

Remaining net finite-lived intangible assets were acquired as part of the purchase of TAS during 2015 and TBC during 2017, and included customer relationships. Customer relationships were valued at approximately $18.8 million and are being amortized over eight years using an accelerated method based on the pattern in which the economic benefits of the assets are consumed. For the year ended December 31, 2019, $2.6 million of amortization expense was recognized for these assets. In 2019 and 2018, the Company evaluated the useful lives of these finite-lived intangible assets and no change was needed.

Future expense remaining of approximately $5.3 million will be amortized as follows:


2020		2,069
2021		1,521
2022		1,239
2023		389
2024		37
	$	5,255

Additionally, the Company has one indefinite-lived intangible asset, a trade name, which is tested for impairment annually on October 31, or whenever events or circumstances indicate that the carrying amount of the trade name may not be recoverable. Impairment is calculated as the excess of the trade name’s carrying value over its fair value. The fair value of the trade name is determined using the relief from royalty method, a variation of the income approach. This method assumes that if a company owns intellectual property it does not have to "rent" the asset and is, therefore, "relieved" from paying a royalty. Once a supportable royalty rate is determined, the rate is then applied to the projected revenues over the expected remaining life of the intangible assets to estimate the royalty savings. This approach is dependent on a number of factors, including estimates of future growth and trends, royalty rates, discount rates and other variables. The impairment test concluded that the fair value of the trade name was in excess of the carrying value, therefore no impairment was recorded.