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Note 5 - Goodwill and Intangible Assets | 12 Months Ended
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Dec. 31, 2024
Notes to Financial Statements |
Goodwill and Intangible Assets Disclosure [Text Block] |
5. | GOODWILL AND INTANGIBLE ASSETS:
Goodwill The Company has recorded goodwill of $55.5 million as of December 31, 2024 and 2023 in connection with its business acquisitions within the Precast segment. The Company performed its annual goodwill impairment test as of November 30, 2024, utilizing a qualitative analysis, and did not identify that it is more-likely-than-not that the fair value of a reporting unit is less than its carrying amount. 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, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Customer relationships |  | $ | 27,831 |  |  | $ | (10,025 | ) |  | $ | 17,806 |
Trade names and trademarks |  |  | 12,825 |  |  |  | (4,979 | ) |  |  | 7,846 |
Patents |  |  | 1,627 |  |  |  | (238 | ) |  |  | 1,389 |
Total |  | $ | 42,283 |  |  | $ | (15,242 | ) |  | $ | 27,041 |
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 |
The estimated amortization expense for each of the next five years and thereafter is as follows (in thousands):
Year ending December 31, |  |  |  |
2025 |  | $ | 4,033 |
2026 |  |  | 4,033 |
2027 |  |  | 4,033 |
2028 |  |  | 4,033 |
2029 |  |  | 3,958 |
Thereafter |  |  | 6,951 |
Total amortization expense |  | $ | 27,041 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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