Intangible Assets

12 Months Ended

Dec. 31, 2023

Intangible Assets

Intangible Assets

8.Intangible Assets

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

	December 31,		December 31,
	2023		2022
Finite-lived intangible assets, beginning of period	$	35,242	$	34,242
Additions		—		—
Total finite-lived intangible assets, end of period	$	35,242	$	35,242
Accumulated amortization, beginning of period	$	(34,815)	$	(33,576)
Current year amortization		(427)		(1,239)
Total accumulated amortization		(35,242)		(34,815)
Net finite-lived intangible assets, end of period	$	—		427
Infinite-lived intangible assets		—		6,890
Total net intangible assets	$	—	$	7,317

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 years ended December 31, 2023 and 2022, $0.4 million and $1.2 million, respectively, of amortization expense was recognized for these assets. As of December 31, 2023 all finite-lived intangible assets acquired as part of the purchase of TAS were fully amortized.

The Company evaluated the infinite-lived intangible assets which consisted of the TAS Concrete Construction tradename and as a result of the Company’s strategic decision to rebrand its concrete segment under the Orion banner the Company determined that the estimated fair value of the TAS Concrete Construction tradename is less than the carrying amount and an impairment loss of $6.9 million was recognized under ASC 350. As of December 31, 2023 all of the Company’s intangible assets are fully amortized or impaired.