Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets and Goodwill

Intangible Assets and Goodwill

9 Months Ended

Sep. 30, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

NOTE 6. INTANGIBLE ASSETS AND GOODWILL

The fair value of identifiable intangible assets consisted of the following at September 30, 2018:

	Weighted average remaining useful life (months)		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Indefinite- Lived Intangible
Goodwill		—	$	35,672	$	—	$	35,672

Definite- Lived Intangibles
Trademarks and tradenames		66.7		2,749		566		2,183
Customer relationships		66.7		22,743		4,686		18,057
Contracts in progress		0.7		10,632		10,325		307
Non-compete		42.7		548		158		390
Total Definite Intangible Assets				36,672		15,735		20,937
Total Intangible Assets			$	72,344	$	15,735	$	56,609

The Company performs its annual goodwill impairment assessment at the end of the first quarter each year. As a result of the Company’s annual assessment, the Company determined that the fair value of the indefinite-lived intangible asset was substantially in excess of its carrying values and no impairment had occurred. The Company continues to believe that goodwill and the indefinite-lived intangible asset are recoverable; however, significant adverse changes in the projected revenues and cash flows of the Company could result in an impairment of goodwill or the indefinite-lived intangible asset. There can be no assurances that goodwill or the indefinite-lived intangible asset may not be impaired in future periods.

The amortization expense for the intangible assets consisted of the following:

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2018		2017		2018		2017
Operating expense	$	938	$	768	$	2,813	$	1,358
Cost of goods sold		1,315		2,245		3,946		3,966
Total amortization expense	$	2,253	$	3,013	$	6,759	$	5,324

No amortization expense was recorded prior to April 20, 2017, the acquisition date of Benchmark.