Annual report pursuant to Section 13 and 15(d)

Impairments (Tables)

v3.19.1
Impairments (Tables)
 12 Months Ended
Dec. 31, 2018
Property, Plant and Equipment [Abstract]  
Details of Impairment of Long-Lived Assets Held and Used by Asset
A summary of our impairments is as follows (in thousands):
 
December 31,
 
2018
 
2017
 
2016
Drilling rigs (a)
$
3,966

 
$
3,822

 
$
347

Flowback equipment (a)
—

 
—

 
1,385

Other property, plant and equipment (a)
307

 
324

 
139

Impairment of goodwill (b)
3,203

 
—

 
—

Impairment of intangible assets (b)
1,379

 
—

 
—

 
$
8,855

 
$
4,146

 
$
1,871


a.
For the years ended December 31, 2018, 2017 and 2016, the Company recognized impairments of $4.3 million, $4.1 million and $1.9 million, respectively, to reduce the carrying value of certain assets which were deemed impaired based on future expected cash flows of the equipment. The Company measured impairment using significant unobservable inputs (Level 3) based on an income approach.
b.
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. Additionally, the Company recognized impairment of trade name totaling $0.2 million related to the name change of Stingray Logistics to Silverback Energy. The Company measured Cementing's goodwill 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.