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Note 5 - Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2024

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