Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

9.Goodwill and Intangible Assets

Intangible assets

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

	March 31,		December 31,
	2022		2021
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	$	(33,576)	$	(32,055)
Current year amortization		(310)		(1,521)
Total accumulated amortization		(33,886)		(33,576)
Net finite-lived intangible assets, end of period	$	1,354		1,664
Infinite-lived intangible assets		6,892		6,892
Total net intangible assets	$	8,246	$	8,556

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 three months ended March 31, 2022, $0.3 million of amortization expense was recognized for these assets.

Future expense remaining of approximately $1.4 million will be amortized as follows:

2022		928
2023		389
2024		37
	$	1,354

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