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Note 6 - Goodwill and Intangible Assets | 12 Months Ended
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Dec. 31, 2021
Notes to Financial Statements |
Goodwill and Intangible Assets Disclosure [Text Block] |
6. | GOODWILL AND INTANGIBLE ASSETS:
Goodwill The Company has recorded goodwill in connection with its business acquisitions within the Precast reportable segment. The changes in the carrying amount of goodwill for the year ended December 31, 2021 were as follows (in thousands):
Goodwill, December 31, 2020 |  | $ | 22,985 |
Acquisition of ParkUSA (Note 3) |  |  | 30,699 |
Goodwill, December 31, 2021 |  | $ | 53,684 |
The Company performed its annual goodwill impairment test as of December 31, 2021, utilizing a qualitative analysis, and did not identify any potential impairment. Intangible Assets Intangible assets consist of the following (in thousands):
|  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Intangible Assets, Net |
As of December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |
Customer relationships |  | $ | 29,209 |  |  | $ | (2,997 | ) |  | $ | 26,212 |
Trade names and trademarks |  |  | 12,825 |  |  |  | (1,245 | ) |  |  | 11,580 |
Patents |  |  | 1,300 |  |  |  | (15 | ) |  |  | 1,285 |
Backlog |  |  | 300 |  |  |  | (129 | ) |  |  | 171 |
Other |  |  | 329 |  |  |  | (201 | ) |  |  | 128 |
Total |  | $ | 43,963 |  |  | $ | (4,587 | ) |  | $ | 39,376 |
As of December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |
Customer relationships |  | $ | 9,409 |  |  | $ | (1,634 | ) |  | $ | 7,775 |
Trade names and trademarks |  |  | 3,225 |  |  |  | (720 | ) |  |  | 2,505 |
Other |  |  | 329 |  |  |  | (91 | ) |  |  | 238 |
Total |  | $ | 12,963 |  |  | $ | (2,445 | ) |  | $ | 10,518 |
During the year ended December 31, 2021, intangible assets increased primarily due to the acquisition of ParkUSA. See Note 3, “Business Combinations” for additional information related to this transaction. The estimated amortization expense for each of the next five years and thereafter is as follows (in thousands):
Year ending December 31, |  |  |  |
2022 |  | $ | 4,436 |
2023 |  |  | 4,173 |
2024 |  |  | 4,017 |
2025 |  |  | 4,017 |
2026 |  |  | 4,017 |
Thereafter |  |  | 18,716 |
Total amortization expense |  | $ | 39,376 |

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