Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Intangibles

v3.20.2
Goodwill and Intangibles
6 Months Ended
Jun. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangibles
Goodwill and Intangibles
Goodwill was $6.1 million at June 30, 2020 and December 31, 2019. The goodwill is associated with the Company's Service segment. Intangible assets are comprised of the following:
(in thousands)
Gross
carrying
amount
 
Accumulated
amortization
 
Net intangible
assets, excluding
goodwill
June 30, 2020
 
 
 
 
 
Amortized intangible assets:
 
 
 
 
 
Customer Relationships – Service
$
4,710

 
$
(2,906
)
 
$
1,804

Favorable Leasehold Interests
530

 
(400
)
 
130

Total amortized intangible assets
5,240

 
(3,306
)
 
1,934

Unamortized intangible assets:
 
 
 
 
 
Trade Name
9,960

 

 
9,960

Total unamortized intangible assets
9,960

 

 
9,960

Total amortized and unamortized assets, excluding goodwill
$
15,200

 
$
(3,306
)
 
$
11,894

(in thousands)
Gross
carrying
amount
 
Accumulated
amortization
 
Net intangible
assets, excluding
goodwill
December 31, 2019
 

 
 

 
 

Amortized intangible assets:
 

 
 

 
 

Customer Relationships – Service
$
4,710

 
$
(2,655
)
 
$
2,055

Favorable Leasehold Interests
530

 
(234
)
 
296

    Total amortized intangible assets
5,240

 
(2,889
)
 
2,351

Unamortized intangible assets:
 
 
 
 
 
   Trade Name
9,960

 

 
9,960

   Total unamortized intangible assets
9,960

 

 
9,960

          Total amortized and unamortized assets, excluding goodwill
$
15,200

 
$
(2,889
)
 
$
12,311


The definite-lived intangible assets are amortized over the period the Company expects to receive the related economic benefit, which for customer relationships is based upon estimated future net cash inflows. The Company has previously determined that its trade name has an indefinite useful life. The Limbach trade name has been in existence since the Company’s founding in 1901 and therefore is an established brand within the industry.
Total amortization expense for these amortizable intangible assets was $0.3 million and $0.4 million for the three and six months ended June 30, 2020 and $0.2 million and $0.4 million for the three and six months ended June 30, 2019.
The Company did not recognize any impairment charges on its goodwill or intangible assets for the three and six months ended June 30, 2020 or June 30, 2019.