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Note 6 - Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Text Block]

6.	GOODWILL AND INTANGIBLE ASSETS:

Goodwill

The Company has recorded goodwill of $55.5 million as of December 31, 2023 and 2022 in connection with its business acquisitions within the Precast segment. The Company performed its annual goodwill impairment test as of November 30, 2023, utilizing a qualitative analysis, and did not identify any potential impairment. It is possible that future changes in circumstances, judgments, or assumptions, including prolonged economic weakness or unexpected significant declines in Precast operating results or projections, may result in goodwill impairment charges in the future.

Intangible Assets

Intangible assets consist of the following (in thousands):

	*Gross Carrying*		*Accumulated*			*Intangible*
	*Amount*		*Amortization*			*Assets, Net*
As of December 31, 2023
Customer relationships	$	27,831	$	(7,315	)	$	20,516
Trade names and trademarks		12,825		(3,734	)		9,091
Patents		1,627		(160	)		1,467
Total	$	42,283	$	(11,209	)	$	31,074

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

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

Year ending December 31,
2024	$	4,033
2025		4,033
2026		4,033
2027		4,033
2028		4,033
Thereafter		10,909
Total amortization expense	$	31,074