XML 38 R19.htm IDEA: XBRL DOCUMENT
v3.22.0.1

Goodwill and Intangible Assets | 12 Months Ended
--- | ---
Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | Goodwill and Intangible Assets During the years ended December 31, 2021, 2020, and 2019, the change in the net carrying amount of goodwill was as follows (in thousands):
Balance at January 1, 2019 | $ | 153,397 |
Acquisition of U.S. Oil (1) | 42,522 |
Balance at December 31, 2019 | 195,919 |
Impairment expense | (67,922) |
Balance at December 31, 2020 | 127,997 |
Reclassified to assets held for sale | (735) |
Balance at December 31, 2021 | $ | 127,262 |
________________________________________________________ (1)Please read Note 4—Acquisitions for further discussion. The gross carrying value of goodwill was $160.4 million as of January 1, 2019 and $202.9 million as of December 31, 2019, 2020, and 2021. As of January 1 and December 31, 2019, we had accumulated impairment charges of $7.0 million, and as of December 31, 2020 and 2021, we had accumulated impairment charges of $74.9 million and $75.6 million, respectively. At March 31, 2020, we performed a quantitative goodwill impairment test of all of our reporting units due to (i) the global economic impact of the COVID-19 pandemic and (ii) a steep decline in current and forecasted prices and demand for crude oil and refined products. As part of our quantitative impairment test, we compared the carrying value of the net assets of the reporting unit to the estimated fair value of the reporting unit. In assessing the fair value of the reporting units, we primarily utilized a market approach based on observable multiples for comparable companies within our industry. Our refining reporting units in Hawaii and Washington were fully impaired and the goodwill associated with our retail reporting unit in Washington and Idaho was partially impaired, resulting in a charge of $67.9 million in our consolidated statement of operations for the year ended December 31, 2020. The goodwill impairment expense was allocated to the Refining segment ($38.1 million) and to the Retail segment ($29.8 million). Intangible assets consisted of the following (in thousands):
| December 31,
| 2021 |  | 2020
Intangible assets: |  |  |
Trade names and trademarks | $ | 6,267 |  |  | $ | 6,267 |
Customer relationships | 32,064 |  |  | 32,064 |
Other | 261 |  |  | 261 |
Total intangible assets | 38,592 |  |  | 38,592 |
Accumulated amortization: |  |  |
Trade name and trademarks | (5,297) |  |  | (5,210) |
Customer relationships | (17,061) |  |  | (14,490) |
Other | — |  |  | — |
Total accumulated amortization | (22,358) |  |  | (19,700) |
Net: |  |  |
Trade name and trademarks | 970 |  |  | 1,057 |
Customer relationships | 15,003 |  |  | 17,574 |
Other | 261 |  |  | 261 |
Total intangible assets, net | $ | 16,234 |  |  | $ | 18,892 |
Amortization expense was approximately $2.7 million for each of the years ended December 31, 2021, 2020, and 2019. Our intangible assets related to customer relationships and trade names have an average useful life of 13.5 years. Expected amortization expense for each of the next five years and thereafter is as follows (in thousands):
Year Ended |  | Amount
2022 |  | $ | 2,658 |
2023 |  | 2,658 |
2024 |  | 1,400 |
2025 |  | 979 |
2026 |  | 979 |
Thereafter |  | 7,560 |
|  | $ | 16,234 |

X
- References No definition available. + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for all or part of the information related to intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
Name: | us-gaap_IntangibleAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration