Goodwill and other intangibles |
Note
7—Goodwill and other intangibles
There
were no additions to goodwill for the year ended December 31, 2021 or the nine months ended September 30, 2022. No impairment
of goodwill was identified for the year ended December 31, 2021 or the nine months ended September 30, 2022.
Intangible
assets consisted of the following (in thousands, except years):
Schedule of Intangible Assets and Goodwill | |
| | |
| | | |
| | | |
| | |
| |
September 30, 2022 | |
| |
Useful Life (in years) | | |
Gross Carrying
Amount | | |
Accumulated
Amortization | | |
Net Carrying
Amount | |
Trade Name | |
5 | | |
$ | 728 | | |
$ | (728 | ) | |
$ | - | |
Customer and hauler relationships | |
2 to 8 | | |
| 20,976 | | |
| (11,502 | ) | |
| 9,474 | |
Non-competition agreements | |
3 to 4 | | |
| 550 | | |
| (550 | ) | |
| - | |
Technology | |
3 | | |
| 3,178 | | |
| (1,802 | ) | |
| 1,376 | |
Total finite-lived intangible assets | |
| | |
| 25,432 | | |
| (14,582 | ) | |
| 10,850 | |
Domain Name | |
Indefinite | | |
| 835 | | |
| - | | |
| 835 | |
Total intangible assets | |
| | |
$ | 26,267 | | |
$ | (14,582 | ) | |
$ | 11,685 | |
| |
December 31, 2021 | |
| |
Useful Life (in years) | | |
Gross Carrying
Amount | | |
Accumulated
Amortization | | |
Net Carrying
Amount | |
Trade Name | |
5 | | |
$ | 728 | | |
$ | (728 | ) | |
$ | - | |
Customer and hauler relationships | |
2 to 8 | | |
| 20,976 | | |
| (9,582 | ) | |
| 11,394 | |
Non-competition agreements | |
3 to 4 | | |
| 550 | | |
| (487 | ) | |
| 63 | |
Technology | |
3 | | |
| 3,178 | | |
| (1,307 | ) | |
| 1,871 | |
Total finite-lived intangible assets | |
| | |
| 25,432 | | |
| (12,104 | ) | |
| 13,328 | |
Domain Name | |
Indefinite | | |
| 835 | | |
| - | | |
| 835 | |
Total intangible assets | |
| | |
$ | 26,267 | | |
$ | (12,104 | ) | |
$ | 14,163 | |
Amortization
expense for intangible assets was $0.8 million and $0.7 million for the three months ended September 30, 2022 and 2021, respectively.
Amortization expense for intangible assets was $2.5 million and $2.2 million for the nine months ended September 30, 2022 and 2021,
respectively. Future amortization expense for the remainder of fiscal year 2022 and subsequent years is as follows (in thousands):
Schedule of Finite- Lived Intangible Assets, Future Amortization Expense | |
| | |
Fiscal Years Ending December 31, | |
| |
2022 | |
$ | 804 | |
2023 | |
| 3,220 | |
2024 | |
| 3,110 | |
2025 | |
| 2,559 | |
2026 | |
| 1,157 | |
Total finite-lived intangible assets, net | |
$ | 10,850 | |
|
Note 6Goodwill and other intangibles
The Company holds certain intangible assets recorded in accordance with the accounting policies disclosed in Note 1. Intangible assets consisted of the following (in thousands):
Schedule of Intangible Assets and Goodwill |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
2021 |
|
|
|
Useful Life (in years) |
|
|
Gross Carrying Amount |
|
|
Accumulated Amortization |
|
|
Net Carrying Amount |
|
Trade Name |
|
|
5 |
|
|
$ |
728 |
|
|
$ |
(728 |
) |
|
$ |
- |
|
Customer and hauler relationships |
|
|
2 to 8 |
|
|
|
20,976 |
|
|
|
(9,582 |
) |
|
|
11,394 |
|
Non-competition agreements |
|
|
3 to 4 |
|
|
|
550 |
|
|
|
(487 |
) |
|
|
63 |
|
Technology |
|
|
3 |
|
|
|
3,178 |
|
|
|
(1,307 |
) |
|
|
1,871 |
|
|
|
|
|
|
|
|
25,432 |
|
|
|
(12,104 |
) |
|
|
13,328 |
|
Domain Name |
|
|
Indefinite |
|
|
|
835 |
|
|
|
- |
|
|
|
835 |
|
|
|
|
|
|
|
$ |
26,267 |
|
|
$ |
(12,104 |
) |
|
$ |
14,163 |
|
|
|
December 31,
2020 |
|
|
|
Useful Life (in years) |
|
|
Gross Carrying Amount |
|
|
Accumulated Amortization |
|
|
Net Carrying Amount |
|
Trade Name |
|
|
5 |
|
|
$ |
728 |
|
|
$ |
(719 |
) |
|
$ |
9 |
|
Customer and hauler relationships |
|
|
2 to 8 |
|
|
|
20,976 |
|
|
|
(7,023 |
) |
|
|
13,953 |
|
Non-competition agreements |
|
|
3 to 4 |
|
|
|
550 |
|
|
|
(349 |
) |
|
|
201 |
|
Technology |
|
|
3 |
|
|
|
1,197 |
|
|
|
(997 |
) |
|
|
200 |
|
|
|
|
|
|
|
|
23,451 |
|
|
|
(9,088 |
) |
|
|
14,363 |
|
Domain Name |
|
|
Indefinite |
|
|
|
785 |
|
|
|
- |
|
|
|
785 |
|
|
|
|
|
|
|
$ |
24,236 |
|
|
$ |
(9,088 |
) |
|
$ |
15,148 |
|
Amortization of these intangible assets for the years ended December 31, 2021 and 2020 was $3.0 million and $3.3 million, respectively, and future amortization expense is as follows (in thousands):
Schedule of Finite- Lived Intangible Assets, Future Amortization Expense |
|
|
|
|
Fiscal Years Ending December 31, |
|
|
|
2022 |
|
$ |
3,282 |
|
2023 |
|
|
3,220 |
|
2024 |
|
|
3,110 |
|
2025 |
|
|
2,559 |
|
2026 |
|
|
1,157 |
|
Future amortization of intangible assets |
|
$ |
13,328 |
|
Goodwill represents the excess of the purchase price in a business combination over the fair value of net assets acquired. Goodwill amounts are not amortized but are tested for impairment at least annually during the fourth quarter. The carrying amounts of goodwill were as follows (in thousands):
Schedule Of Not Deductible For Tax Purposes |
|
|
|
|
Balance at January 1, 2020 |
|
$ |
32,132 |
|
Balance at December 31, 2020 |
|
$ |
32,132 |
|
Balance at December 31, 2021 |
|
$ |
32,132 |
|
|