Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Intangible Assets

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Goodwill and Intangible Assets
 3 Months Ended
Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible Assets
Goodwill
Changes in the net carrying amount of goodwill by reporting segment (see Note 19) for the three months ended March 31, 2020 and year ended December 31, 2019 are presented below (in thousands):


Infrastructure Pressure Pumping Sand Other Total
Balance as of January 1, 2019
Goodwill $ 3,828    $ 86,043    $ 2,684    $ 11,893    $ 104,448   
Accumulated impairment losses —    —    —    (3,203)   (3,203)  
3,828    86,043    2,684    8,690    101,245   
Acquisitions —    —    —    —    —   
Impairment losses (434)   (23,423)   (2,684)   (7,123)   (33,664)  
Balance as of December 31, 2019
Goodwill 3,828    86,043    2,684    11,893    104,448   
Accumulated impairment losses (434)   (23,423)   (2,684)   (10,326)   (36,867)  
3,394    62,620    —    1,567    67,581   
Acquisitions —    —    —    —    —   
Impairment losses —    (53,406)   —    (1,567)   (54,973)  
Balance as of March 31, 2020
Goodwill 3,828    86,043    2,684    11,893    104,448   
Accumulated impairment losses (434)   (76,829)   (2,684)   (11,893)   (91,840)  
$ 3,394    $ 9,214    $ —    $ —    $ 12,608   

Oil prices declined significantly in March 2020 as a result of geopolitical events that increased the supply of oil in the market as well as effects of the COVID-19 pandemic. As a result, the Company determined that it was more likely than not that the fair value of certain of its reporting units were less than their carrying value. Therefore, the Company performed an interim goodwill impairment test. The Company impaired goodwill associated with Stingray Pressure Pumping LLC (“Stingray Pressure Pumping”), Silverback Energy and WTL Oil LLC, resulting in a $55.0 million
impairment charge during the three months ended March 31, 2020. To determine fair value at March 31, 2020, the Company used a combination of the income and market approaches. The income approach estimates the fair value based on anticipated cash flows that are discounted using a weighted average cost of capital. The market approach estimates the fair value using comparative multiples, which involves significant judgment in the selection of the appropriate peer group companies and valuation multiples. The Company did not record any goodwill impairment charges during the three months ended March 31, 2019.

Intangible Assets

The Company had the following definite lived intangible assets recorded (in thousands):

March 31, December 31,
2020 2019
Customer relationships $ 1,050    $ 1,050   
Trade names 9,063    9,063   
Less: accumulated amortization - customer relationships (510)   (467)  
Less: accumulated amortization - trade names (4,067)   (3,858)  
Intangible assets, net $ 5,536    $ 5,788   

Amortization expense for intangible assets was $0.3 million for each of the three months ended March 31, 2020 and 2019. The original life of customer relationships ranges is 6 years as of March 31, 2020 with a remaining average useful life of 3.1 years. The original life of trade names ranges from 10 to 20 years as of March 31, 2020 with a remaining average useful life of 8.1 years.

Aggregated expected amortization expense for the future periods is expected to be as follows (in thousands):
Remainder of 2020 $ 761   
2021 1,015   
2022 1,015   
2023 898   
2024 771   
Thereafter 1,076   
$ 5,536