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Goodwill And Intangible Assets | 12 Months Ended
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Dec. 31, 2020
Goodwill And Intangible Assets [Abstract] |
Goodwill And Intangible Assets | 10. GOODWILL AND INTANGIBLE ASSETS Goodwill The company had two reporting units, to which goodwill was assigned. We are required to perform impairment tests related to our goodwill annually, which we perform as of October 1, or sooner if an indicator of impairment occurs. Near term industry outlook due to the significant decrease in crude oil prices, lower gasoline demand, general uncertainty due to the COVID-19 outbreak and the subsequent decline in our stock price caused a decline in the company’s market capitalization during the three months ended March 31, 2020. As such, the company determined a triggering event had occurred that required an interim impairment assessment for its ethanol production reporting unit. Due to the impairment indicators noted as a result of these triggering events, we evaluated our goodwill as of March 31, 2020. Significant assumptions inherent in the valuation methodologies for goodwill were employed and included, but were not limited to, prospective financial information, growth rates, discount rates, inflationary factors, and cost of capital. Based on our quantitative evaluation, we determined that the fair value of the ethanol production reporting unit did not exceed its carrying value. As a result, we concluded that the goodwill assigned to the ethanol production reporting unit was impaired and recorded a non-cash impairment charge of $24.1 million. During the first half of 2020, a decline in the partnership’s stock price resulted in a decrease in the partnership’s market capitalization. As such, the company determined a triggering event had occurred that required an interim impairment assessment as of March 31, 2020 and June 30, 2020. Significant assumptions inherent in the valuation methodologies for goodwill impairment testing were employed and include market capitalization, prospective financial information, growth rates, discount rates, inflationary factors, and cost of capital. Based on the partnership’s quantitative evaluation as of March 31, 2020 and June 30, 2020, it was determined that the fair value of the partnership reporting unit substantially exceeded its carrying value, and the partnership concluded that the goodwill was not impaired. During the three months ended September 30, 2020, the company did not identify any triggering events, and as such, no impairment assessment was deemed necessary. The company performed the annual goodwill assessment as of October 1, 2020, and given the quantitative work performed during previous quarters as described above, the partnership used a qualitative assessment, which resulted in no goodwill impairment. ‎ Changes in the carrying amount of goodwill attributable to each business segment during the years ended December 31, 2020 and 2019 were as follows (in thousands):
| Ethanol |  |  |  |
| Production |  | Partnership |  | Total
Balance, December 31, 2018 | $ | 24,091 |  | $ | 10,598 |  | $ | 34,689
Balance, December 31, 2019 (1) | $ | 24,091 |  | $ | 10,598 |  | $ | 34,689
Impairment charge |  | (24,091) |  |  | - |  |  | (24,091)
Balance, December 31, 2020 (1) | $ | - |  | $ | 10,598 |  | $ | 10,598
(1)The company records goodwill within other assets on the consolidated balance sheets. Intangible Assets The company recognized certain customer relationships, intellectual property and trade names in connection with the FQT acquisition during the fourth quarter 2020. As of December 31, 2020, the company’s intangible asset balance related to FQT was $30.6 million, which primarily consisted of $18.8 million of customer relationship and backlog assets, $10.4 million of intellectual property and $1.4 million of trade name assets, net of $0.2 million of accumulated amortization, and has a remaining 12-year weighted-average amortization period. The company recognized $0.2 million of amortization expense associated with amortization of these intangible assets during fiscal year 2020, and expects estimated amortization expense of $5.9 million, $5.1 million, $3.1 million, $2.7 million and $2.4 million, respectively for the years ended December 31, 2021, 2022, 2023, 2024 and 2025, as well as $11.4 million thereafter. The company’s intangible assets are recorded within other assets on the consolidated balance sheets. As of November 27, 2018, the company’s customer relationship intangible asset recognized in connection with the Fleischmann’s Vinegar acquisition of $68.9 million, net of $11.1 million of amortization, was disposed of in connection with the Fleischmann’s Vinegar sale. As of November 27, 2018, the company’s indefinite-lived trade name intangible asset of $10.5 million was disposed of as part of the Fleischmann’s Vinegar sale. Prior to its disposition, the company recognized $4.4 million of amortization expense associated with amortizing the customer relationship intangible asset during the year ended December 31, 2018.

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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 http://asc.fasb.org/topic&trid=2144416 + Details
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