Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets and Goodwill

v3.19.2
Intangible Assets and Goodwill
 6 Months Ended
Jun. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets and Goodwill
Intangible Assets and Goodwill
The Company had the following definite lived intangible assets recorded (in thousands):
 
 
June 30,
 
December 31,
 
 
2019
 
2018
Customer relationships
 
$
2,255

 
$
2,255

Trade names
 
9,063

 
9,063

Less: accumulated amortization - customer relationships
 
(692
)
 
(544
)
Less: accumulated amortization - trade names
 
(3,438
)
 
(3,018
)
Intangible assets, net
 
$
7,188

 
$
7,756



Amortization expense for intangible assets was $0.6 million and $4.8 million, respectively, for the six months ended June 30, 2019 and 2018. The original life of customer relationships ranges from 6 to 10 years with a remaining average useful life of 6.5 years. The original life of trade names ranges from 10 to 20 years with a remaining average useful life of 8.6 years.

Aggregated expected amortization expense for the future periods is expected to be as follows (in thousands):
 
 
Amount
Remainder of 2019
 
$
567

2020
 
1,135

2021
 
1,129

2022
 
1,108

2023
 
991

Thereafter
 
2,258

 
 
$
7,188



Goodwill was $101.2 million at both June 30, 2019 and December 31, 2018. Changes in the goodwill for the year ended December 31, 2018 and the six months ended June 30, 2019 are set forth below (in thousands):
Balance, January 1, 2018
 
$
99,811

Additions:
 
 
WTL
 
1,567

RTS
 
133

ARS
 
694

Brim Equipment Assets
 
2,243

Impairment
 
(3,203
)
Balance, December 31, 2018
 
101,245

Additions
 
—

Balance, June 30, 2019
 
$
101,245



During the year ended December 31, 2018, the Company moved Cementing's equipment from the Utica shale to the Permian basin. As a result, the Company recognized impairment on Cementing's intangible assets, including goodwill, non-contractual customer relationships and trade name of $3.2 million, $1.0 million and $0.2 million, respectively.

Cementing's goodwill was measured using an income approach, which provides an estimated fair value based on anticipated cash flows that are discounted using a weighted average cost of capital rate.