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Goodwill and Other Intangible Assets
 12 Months Ended
Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets
Goodwill and Other Intangible Assets
Goodwill
Goodwill totaled $0.0 million and $19.7 million at December 31, 2019 and 2018, respectively. The goodwill related to the acquisition of Cretic, which was attributable to the Company's coiled tubing reporting unit, and is deductible for tax purposes. A measurement period adjustment settled a dispute with the seller over the amount of debt assumed in the purchase of Cretic as of the acquisition date. During the third quarter of 2019, the Company recognized a measurement period adjustment of $0.5 million related to the acquisition of Cretic. The measurement period adjustment related to certain finance leases of $1.0 million being assigned back to the seller along with property and equipment of $0.8 million and a cash payment received from the seller of $0.3 million.
The Company completed a goodwill impairment test as of September 30, 2019. The Company’s forecasted future cash flow declined from prior estimates because the Company experienced challenging sales trends and a downturn in the coiled tubing segment. These declining cash flows in our coiled tubing segment during 2019 and lower than previously forecasted cash flows, resulted in the Company recognizing a goodwill impairment charge of $19.2 million for the year ended December 31, 2019.
The following table sets forth the changes in goodwill (in thousands):
 
Goodwill
Balance at December 31, 2018
$
19,700

Measurement period adjustment
(478
)
Impairment
(19,222
)
Balance at December 31, 2019
$
—



Other Intangible Assets
The following sets forth the identified intangible assets by major asset class (in thousands):
 
Useful
Life
(years)
 
Gross
Carrying Value
 
Accumulated
Amortization
 
Net Book
Value
December 31, 2019
 
 
 
 
 
 
 
Customer relationships
6-15
 
$
11,378

 
$
(2,079
)
 
$
9,299

Trade names
10-15
 
3,072

 
(515
)
 
2,557

Covenants not to compete
4
 
1,505

 
(1,022
)
 
483

 
 
 
$
15,955

 
$
(3,616
)
 
$
12,339

 
 
 
 
 
 
 
 
December 31, 2018
 
 
 
 
 
 
 
Customer relationships
6-15
 
$
11,378

 
$
(832
)
 
$
10,546

Trade names
10-15
 
3,072

 
(496
)
 
2,576

Covenants not to compete
4
 
1,505

 
(647
)
 
858

 
 
 
$
15,955

 
$
(1,975
)
 
$
13,980



Amortization expense for the years ended December 31, 2019 and 2018 was $1.6 million and $1.2 million, respectively. Future amortization of these intangibles will be as follows:
2020
 
$
1,630

2021
 
1,360

2022
 
1,253

2023
 
1,253

2024
 
1,197

Thereafter
 
5,646

 
 
$
12,339