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Goodwill and Other Intangible Assets, net

3 Months Ended

Mar. 31, 2023

Goodwill and Other Intangible Assets, net

Goodwill and Other Intangible Assets, net

5. Goodwill and Other Intangible Assets, net

The financial statements reflect goodwill from previous acquisitions that is all attributable to the HFS – South business segment and reporting unit.

Changes in the carrying amount of goodwill were as follows:

​

​ ​ ​ ​

​

​	​	​	​
​		HFS - South
Balance at January 1, 2022	​	$	41,038
Changes in Goodwill	​	​	-
Balance at December 31, 2022	​	​	41,038
Changes in Goodwill	​	​	-
Balance at March 31, 2023	​	$	41,038

​

Intangible assets other than goodwill at the dates indicated below consisted of the following:

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​	​	​	​	​	​	​	​	​	​	​	​
​	​	March 31, 2023
​	​	Weighted	​	Gross		​	​	​	​	​
​	​	average	​	Carrying		​	Accumulated		​	Net Book
​		remaining lives		Amount			Amortization			Value
Intangible assets subject to amortization				​			​			​
Customer relationships		4.6	​	$	133,105	​	$	(73,446)	​	$	59,659
Non-compete agreement	​	4.8	​	​	349	​	​	(14)	​	​	335
Total	​	​	​	​	133,454	​	​	(73,460)	​	​	59,994
Indefinite lived assets:			​			​			​
Tradenames			​		16,400	​		—	​		16,400
Total intangible assets other than goodwill			​	$	149,854	​	$	(73,460)	​	$	76,394

​

​	​	​	​	​	​	​	​	​	​	​	​
​	​	December 31, 2022
​	​	Weighted	​	Gross		​	​	​	​	​
​	​	average	​	Carrying		​	Accumulated		​	Net Book
​		remaining lives		Amount			Amortization			Value
Intangible assets subject to amortization	​	​	​	​	​	​	​	​	​	​	​
Customer relationships		4.6		$	128,907		$	(70,125)		$	58,782
Total	​	​	​	​	128,907	​	​	(70,125)	​	​	58,782
Indefinite lived assets:			​			​			​
Tradenames			​		16,400	​		—	​		16,400
Total intangible assets other than goodwill			​	$	145,307	​	$	(70,125)	​	$	75,182

​

For the three months ended March 31, 2023 and 2022, amortization expense related to intangible assets was $3.3 million and $3.6 million, respectively, and is included in other depreciation and amortization in the consolidated statements of comprehensive income.

During the three months ended March 31, 2023, the Company purchased a group of assets consisting of land, specialty rental assets (modular units, site work, and furniture & fixtures) and intangibles for approximately $18.6 million, of which approximately $4.5 million is included within this intangible assets group comprised of approximately $4.2 million of customer relationships and approximately $0.3 million related to a non-compete agreement. This acquisition was completed in order to support growth of the HFS – South segment discussed in Note 17, which was funded by cash on hand. The acquisition was accounted for as an asset acquisition. The Company allocated the total purchase price to identifiable tangible and intangible assets based on their relative fair values, which resulted in the entire purchase price being allocated to land, specialty rental assets and intangible assets.

The estimated aggregate amortization expense as of March 31, 2023 for each of the next five years and thereafter is as follows:

​

​	​	​	​
Rest of 2023		$	10,112
2024	​	​	13,475
2025	​	​	13,475
2026	​	​	12,879
2027	​	​	8,270
Thereafter	​	​	1,783
Total	​	$	59,994

​

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- References

No definition available.

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- Definition

The entire disclosure for goodwill and intangible assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-URI https://asc.fasb.org/topic&trid=2144416

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