Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

9.Goodwill and Intangible Assets

Goodwill

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,
	2020		2019
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	$	(29,985)	$	(27,345)
Current year amortization		(2,070)		(2,640)
Total accumulated amortization		(32,055)		(29,985)
Net finite-lived intangible assets, end of period	$	3,185		5,255
Infinite-lived intangible assets		6,892		6,892
Total net intangible assets	$	10,077	$	12,147

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, 2020, $2.1 million of amortization expense was recognized for these assets. In 2020 and 2019, the Company evaluated the useful lives of these finite-lived intangible assets and no change was needed.

Future expense remaining of approximately $3.2 million will be amortized as follows:

2021		1,520
2022		1,239
2023		389
2024		37
	$	3,185

The annual impairment test concluded that the fair value of the Company’s infinite-lived trade name was in excess of the carrying value, therefore no impairment was recorded.