Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Intangible Assets

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Goodwill and Intangible Assets
 9 Months Ended
Sep. 30, 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 nine months ended September 30, 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 September 30, 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, 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.

Due to market conditions, the Company temporarily shut down its cementing and acidizing operations as well as its flowback operations beginning in the third quarter of 2019. As a result, the Company recognized impairment of goodwill totaling $3.2 million during the three months ended September 30, 2019

Intangible Assets

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

September 30, December 31,
2020 2019
Customer relationships $ 1,050  $ 1,050 
Trade names 9,063  9,063 
Less: accumulated amortization - customer relationships (598) (467)
Less: accumulated amortization - trade names (4,487) (3,858)
Intangible assets, net $ 5,028  $ 5,788 
Amortization expense for intangible assets was $0.8 million for each of the nine months ended September 30, 2020 and 2019, respectively. The original life of customer relationships is 6 years as of September 30, 2020 with a remaining average useful life of 2.6 years. The original life of trade names ranges from 10 to 20 years as of September 30, 2020 with a remaining average useful life of 7.8 years.

Aggregated expected amortization expense for the future periods is expected to be as follows (in thousands):
Remainder of 2020 $ 253 
2021 1,015 
2022 1,015 
2023 898 
2024 771 
Thereafter 1,076 
$ 5,028 

Due to market conditions, the Company temporarily shut down its cementing and acidizing operations as well as its flowback operations beginning in the third quarter of 2019. As a result, the Company recognized impairment of non-contractual customer relationships totaling $0.1 million, which is included in impairment of other long-lived assets on the unaudited condensed consolidated statements of comprehensive income (loss).