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, 2021
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, 2021 and year ended December 31, 2020 are presented below (in thousands):


Infrastructure Well Completion Sand Other Total
Balance as of January 1, 2020
Goodwill $ 891  $ 86,043  $ 2,684  $ 14,830  $ 104,448 
Accumulated impairment losses —  (23,423) (2,684) (10,760) (36,867)
891  62,620  —  4,070  67,581 
Acquisitions —  —  —  —  — 
Impairment losses —  (53,406) —  (1,567) (54,973)
Balance as of December 31, 2020
Goodwill 891  86,043  2,684  14,830  104,448 
Accumulated impairment losses —  (76,829) (2,684) (12,327) (91,840)
891  9,214  —  2,503  12,608 
Acquisitions —  —  —  —  — 
Impairment losses —  —  —  —  — 
Balance as of March 31, 2021
Goodwill 891  86,043  2,684  14,830  104,448 
Accumulated impairment losses —  (76,829) (2,684) (12,327) (91,840)
$ 891  $ 9,214  $ —  $ 2,503  $ 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, Silverback Energy and WTL Oil LLC, resulting in a $55.0 million impairment charge during the first quarter of 2020. To determine fair value, 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.
Intangible Assets

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

March 31, December 31,
2021 2020
Customer relationships $ 1,050  $ 1,050 
Trade names 9,063  9,063 
Less: accumulated amortization - customer relationships (685) (642)
Less: accumulated amortization - trade names (4,907) (4,697)
Intangible assets, net $ 4,521  $ 4,774 

Amortization expense for intangible assets was $0.3 million for each of the three months ended March 31, 2021 and 2020, respectively. The original life of customer relationships is 6 years as of March 31, 2021 with a remaining average useful life of 2.1 years. The original life of trade names ranges from 10 to 20 years as of March 31, 2021 with a remaining average useful life of 7.5 years.

Aggregated expected amortization expense for the future periods is expected to be as follows (in thousands):
Remainder of 2021 $ 761 
2022 1,015 
2023 898 
2024 771 
2025 152 
Thereafter 924 
$ 4,521