Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2020

Goodwill And Intangible Assets Disclosure [Abstract]

19.	Goodwill and Intangible Assets

Goodwill represents the excess of purchase price over the fair value of net assets acquired in business combinations. Goodwill was $119.8 million at March 31, 2020 and December 31, 2019, respectively, and is entirely attributable to the Industrial segment. We evaluate goodwill at the reporting unit level on an annual basis on October 31 and also on an interim basis when indicators of impairment exist. There were no events or changes in circumstances that would more likely than not result in an impairment in the carrying value of goodwill at March 31, 2020.

Changes in the carrying amount of intangible assets are as follows:

	March 31, 2020
	Gross Carrying Amount		Accumulated Amortization			Amortization			Intangible Assets, net		Weighted Average Amortization Period
	(in thousands)
Stream mitigation rights	$	2,328	$	(971	)	$	(20	)	$	1,337	17 years
Customer relationships		51,537		(19,264	)		(1,879	)		30,394	4 years
Intangible assets, net	$	53,865	$	(20,235	)	$	(1,899	)	$	31,731	5 years



	December 31, 2019
	Gross Carrying Amount		Accumulated Amortization			Impairment			Intangible Assets, net		Weighted Average Amortization Period
	(in thousands)
Stream mitigation rights	$	4,170	$	(971	)	$	(1,842	)	$	1,357	17 years
Customer relationships		73,000		(19,264	)		(21,463	)		32,273	4 years
Intangible assets, net	$	77,170	$	(20,235	)	$	(23,305	)	$	33,630	5 years

Amortization expense is recognized in depreciation, depletion and amortization expense in the Condensed Consolidated Statements of Loss. Amortization expense was $1.9 million and $8.4 million for the three months ended March 31, 2020 and 2019, respectively.

The estimated amortization expense related to intangible assets for the five succeeding years is as follows:

	Amortization
	(in thousands)
2020	$	5,489
2021		7,388
2022		7,388
2023		7,388
2024		3,125
Thereafter		953
Total	$	31,731