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Note 6 - Goodwill and Intangible Assets | 12 Months Ended
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Dec. 31, 2016
Notes to Financial Statements |
Goodwill Disclosure [Text Block] |
6 . | GOODWILL AND INTANGIBLE ASSETS :
Goodwill Goodwill represents the excess of purchase price over the assigned fair values of the assets and liabilities assumed in conjunction with an acquisition. As discussed in Note 2, “Summary of Significant Accounting Policies,” goodwill is reviewed for impairment annually as of December 31 or whenever events occur or circumstances change that indicate goodwill may be impaired. Goodwill was fully impaired as of December 31, 2016 and 2015. Due to Water Transmission market conditions in 2015, goodwill of $5.3 million related to the Company’s Water Transmission Group was quantitatively evaluated using a weighted average of the income and market approaches. The Company determined that its Water Transmission Group goodwill was impaired as of June 30, 2015, and it was completely written off in the second quarter of 2015. Due to negative impacts on the Tubular Products business as a result of the worldwide turmoil in crude oil markets, which became significant in the fourth quarter of 2014, goodwill of $16.1 million related to the Company’s Tubular Products Group was quantitatively evaluated using a weighted average of the income and market approaches. The Company concluded that there was no implied fair value of the Tubular Products Group goodwill and that it should be completely written off as of December 31, 2014. The Company had allocated $4.4 million of goodwill to the two OCTG plants disposed in March 2014, and recorded the related write-off of that goodwill as part of the Loss on sale of business in the Company’s Consolidated Statement of Operations. Intangible Assets Intangible assets, included in Other assets on the Consolidated Balance Sheets, consist of the following (in thousands):
|  | Gross Carrying |  |  | Accumulated |  |  | Intangible |
|  | Amount |  |  | Amortization |  |  | Assets, Net |
As of December 31, 2016 |  |  |  |  |  |  |  |  |  |  |  |
Customer relationships |  | $ | 1,378 |  |  | $ | (413 | ) |  | $ | 965 |
Patents |  |  | 1,162 |  |  |  | (697 | ) |  |  | 465 |
Trade names and trademarks |  |  | 1,132 |  |  |  | (226 | ) |  |  | 906 |
Other (1) |  |  | 295 |  |  |  | (233 | ) |  |  | 62 |
Total |  | $ | 3,967 |  |  | $ | (1,569 | ) |  | $ | 2,398 |
As of December 31, 2015 |  |  |  |  |  |  |  |  |  |  |  |
Customer relationships |  | $ | 1,378 |  |  | $ | (275 | ) |  | $ | 1,103 |
Patents |  |  | 1,162 |  |  |  | (465 | ) |  |  | 697 |
Trade names and trademarks |  |  | 1,132 |  |  |  | (151 | ) |  |  | 981 |
Other (1) |  |  | 295 |  |  |  | (155 | ) |  |  | 140 |
Total |  | $ | 3,967 |  |  | $ | (1,046 | ) |  | $ | 2,921 |
(1) Other intangibles consist of favorable lease contracts and non-compete agreements. Amortization expense was $0.5 million for each of the years ended December 31, 2016, 2015 and 2014. The estimated amortization expense for each of the next five years and thereafter is as follows (in thousands):
Year ending December 31, |  |  |  |
2017 |  | $ | 495 |
2018 |  |  | 459 |
2019 |  |  | 213 |
2020 |  |  | 213 |
2021 |  |  | 213 |
Thereafter |  |  | 805 |
|  | $ | 2,398 |

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