GOODWILL

3 Months Ended

Mar. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Q1 2020 Impairment

As of March 31, 2021, goodwill allocated to our Commercial Trailer Products, Diversified Products (“DPG”), and Final Mile Products (“FMP”) segments was approximately $2.6 million, $125.0 million, and $71.9 million, respectively. The Company considered whether there were any indicators of impairment during the three months ended March 31, 2021 and concluded there were none.

The Company did not perform in-line with expectations during the first quarter of 2020, partially as a result of the COVID-19 pandemic. In addition, subsequent to December 31, 2019, the Company’s share price and market capitalization declined. As a result, indicators of impairment were identified and the Company performed an interim quantitative assessment as of March 31, 2020, utilizing a combination of the income and market approaches, which were weighted evenly. The results of the quantitative analysis indicated the carrying value of the FMP and Tank Trailers (which is within the DPG segment) reporting units exceeded their respective fair values and, accordingly, goodwill impairment charges of $95.8 million and $11.0 million, respectively, were recorded during the first quarter of 2020. The goodwill impairment charges, which were based on Level 3 fair value measurements, are included in Impairment and other, net in the Condensed Consolidated Statements of Operations.

The changes in the carrying amounts of goodwill from December 31, 2019 through the three-month period ended March 31, 2021 were as follows (in thousands):


	Commercial Trailer Products	Diversified Products	Final Mile Products	Total







Balance at December 31, 2019
Goodwill	4,288	140,686	167,715	312,689
Accumulated impairment losses	(1,663)	—	—	(1,663)
Net balance as of December 31, 2019	2,625	140,686	167,715	311,026
Goodwill impairments	—	(10,971)	(95,766)	(106,737)
Impact of divestiture on goodwill	—	(4,685)	—	$	(4,685)
Effects of foreign currency	—	(44)	—	(44)
Balance at December 31, 2020
Goodwill	4,288	135,957	167,715	307,960
Accumulated impairment losses	(1,663)	(10,971)	(95,766)	(108,400)
Net balance as of December 31, 2020	2,625	124,986	71,949	199,560

Effects of foreign currency	—	(8)	—	(8)
Balance at March 31, 2021
Goodwill	4,288	135,949	167,715	307,952
Accumulated impairment losses	(1,663)	(10,971)	(95,766)	(108,400)
Net balance as of March 31, 2021	2,625	124,978	71,949	199,552