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Goodwill and intangible assets | 9 Months Ended
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Sep. 30, 2020
Goodwill and intangible assets |
Goodwill and intangible assets | Note 6 - Goodwill and intangible assets Goodwill represents the excess of the purchase price over the fair value of the net assets acquired in business combinations accounted for under the purchase method of accounting. In both 2018 and 2019, due to a significant selling price correction leading to unfavorable market conditions, the Company performed a quantitative test by weighing the results of an income-based valuation technique, the discounted cash flows method, and a market-based valuation technique, to determine its reporting units’ fair values. There were no goodwill impairment losses recognized for the period ended September 30, 2020 and year ended December 31, 2019. Based on the results of the impairment assessments of goodwill and intangible assets performed, management concluded that the fair value of the Company’s goodwill exceeds the carrying value and that there are no impairment indicators related to intangible assets. At September 30, 2020 and December 31, 2019 the Company had $47.8 million of goodwill. The Company’s other intangible assets consist of the following:
|  |  |  | September 30, 2020 |  | December 31, 2019
|  |  |  | (Unaudited) |  |  |  |  |  |  |  |  |
|  | Amortization |  | Gross |  |  |  |  |  |  |  | Gross |  |  |  |  |  |
|  | Period |  | Carrying |  | Accumulated |  |  |  |  | Carrying |  | Accumulated |  |  |
(in thousands) |  | (in years) |  | Amount |  | Amortization |  |  | Net |  | Amount |  | Amortization |  |  | Net
Intangible assets with determinable lives |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Patents |  | 5 |  | $ | 386 |  | $ | 386 |  | $ | — |  | $ | 386 |  | $ | 383 |  | $ | 3
Covenant not to compete |  | 6 - 10 |  |  | 1,270 |  |  | 898 |  |  | 372 |  |  | 1,270 |  |  | 783 |  |  | 487
Customer relationships |  | 10 - 12 |  |  | 31,560 |  |  | 8,502 |  |  | 23,058 |  |  | 31,560 |  |  | 6,506 |  |  | 25,054
Above market leases |  | 13 |  |  | 567 |  |  | 132 |  |  | 435 |  |  | 567 |  |  | 99 |  |  | 468
Totals identifiable intangible assets |  |  |  | $ | 33,783 |  | $ | 9,918 |  | $ | 23,865 |  | $ | 33,783 |  | $ | 7,771 |  | $ | 26,012
Amortization expense for the nine months ended September 30, 2020 and 2019 was $2.1 million and $2.2 million, respectively. Intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable.

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- References No definition available. + Details
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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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