Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Intangibles

v3.8.0.1
Goodwill and Intangibles
3 Months Ended
Mar. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Disclosure [Text Block]
Note 6 – Goodwill and Intangibles
 
Goodwill and intangible assets are comprised of the following:
 
(in thousands)
 
Gross
carrying
amount
 
Accumulated
amortization
 
Net intangible
assets, excluding
goodwill
 
March 31, 2018
 
 
 
 
 
 
 
 
 
 
Amortized intangible assets:
 
 
 
 
 
 
 
 
 
 
Backlog – Construction
 
$
4,830
 
$
(4,466)
 
$
364
 
Customer Relationships – Service
 
 
4,710
 
 
(1,558)
 
 
3,152
 
Favorable Leasehold Interests
 
 
530
 
 
(116)
 
 
414
 
Total amortized intangible assets
 
 
10,070
 
 
(6,140)
 
 
3,930
 
Unamortized intangible assets:
 
 
 
 
 
 
 
 
 
 
Trade Name
 
 
9,960
 
 
-
 
 
9,960
 
Total unamortized intangible assets
 
 
9,960
 
 
-
 
 
9,960
 
Total amortized and unamortized assets, excluding goodwill
 
$
20,030
 
$
(6,140)
 
$
13,890
 
Goodwill
 
$
10,488
 
$
-
 
$
10,488
 
 
(in thousands)
 
Gross
carrying
amount
 
Accumulated
amortization
 
Net intangible
assets, excluding
goodwill
 
December 31, 2017
 
 
 
 
 
 
 
 
 
 
Amortized intangible assets:
 
 
 
 
 
 
 
 
 
 
Backlog – Construction
 
$
4,830
 
$
(4,347)
 
$
483
 
Backlog – Service
 
 
880
 
 
(880)
 
 
-
 
Customer Relationships – Service
 
 
4,710
 
 
(1,359)
 
 
3,351
 
Favorable Leasehold Interests
 
 
530
 
 
(99)
 
 
431
 
Total amortized intangible assets
 
 
10,950
 
 
(6,685)
 
 
4,265
 
Unamortized intangible assets:
 
 
 
 
 
 
 
 
 
 
Trade Name
 
 
9,960
 
 
-
 
 
9,960
 
Total unamortized intangible assets
 
 
9,960
 
 
-
 
 
9,960
 
Total amortized and unamortized assets, excluding goodwill
 
$
20,910
 
$
(6,685)
 
$
14,225
 
Goodwill
 
$
10,488
 
$
-
 
$
10,488
 
 
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 for the three months ended March 31, 2018 and $1.0 million for the three months ended March 31, 2017. The Company did not recognize any impairment charges related to definite and indefinite-lived intangible assets during the three months ended March 31, 2018 or March 31, 2017.