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Note 6 - Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2022

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, 2022 were as follows (in thousands):

Goodwill, December 31, 2021	$	53,684
Measurement period adjustment (Note 3)		1,820
Goodwill, December 31, 2022	$	55,504

The Company performed its annual goodwill impairment test as of November 30, 2022, 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, 2022
Customer relationships	$	29,209	$	(5,845	)	$	23,364
Trade names and trademarks		12,825		(2,490	)		10,335
Patents		1,627		(81	)		1,546
Other		329		(310	)		19
Total	$	43,990	$	(8,726	)	$	35,264

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

The estimated amortization expense for each of the next five years and thereafter is as follows (in thousands):

Year ending December 31,
2023	$	4,189
2024		4,033
2025		4,033
2026		4,033
2027		4,033
Thereafter		14,943
Total amortization expense	$	35,264