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Note 5 - Goodwill and Intangible Assets | 9 Months Ended
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Sep. 30, 2024
Notes to Financial Statements |
Goodwill and Intangible Assets Disclosure [Text Block] |
5. | Goodwill and Intangible Assets:
The Company's intangible assets were recorded in connection with its acquisitions of Metal-Fab and CTB in 2023, Shaw Stainless & Alloy, Inc. (Shaw) in 2021, Action Stainless & Alloys, Inc. (Action Stainless) in 2020, EZ Dumper® hydraulic dump inserts (EZ Dumper) and McCullough Industries (McCullough) in 2019, Berlin Metals, LLC (Berlin Metals) in 2018 and Chicago Tube and Iron (CTI) in 2011. The intangible assets were evaluated on the premise of highest and best use to a market participant, primarily utilizing the income approach valuation methodology. Goodwill, by reportable unit, was as follows as of September 30, 2024 and December 31, 2023, respectively. The goodwill is deductible for tax purposes.
|  | Carbon Flat |  |  | Specialty Metals |  |  | Tubular and |  |  |  |  |
(in thousands) |  | Products |  |  | Flat Products |  |  | Pipe Products |  |  | Total |
Balance as of December 31, 2023 |  | $ | 34,259 |  |  | $ | 9,431 |  |  | $ | 8,401 |  |  | $ | 52,091 |
Acquisitions |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Impairments |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Balance as of September 30, 2024 |  | $ | 34,259 |  |  | $ | 9,431 |  |  | $ | 8,401 |  |  | $ | 52,091 |
Intangible assets, net, consisted of the following as of September 30, 2024 and December 31, 2023, respectively:
|  | As of September 30, 2024 |
|  | Gross Carrying |  |  | Accumulated |  |  | Intangible |
(in thousands) |  | Amount |  |  | Amortization |  |  | Assets, Net |
Customer relationships - subject to amortization |  | $ | 62,559 |  |  | $ | (17,638 | ) |  | $ | 44,921 |
Covenant not to compete - subject to amortization |  |  | 2,339 |  |  |  | (991 | ) |  |  | 1,348 |
Technology and know-how - subject to amortization |  |  | 7,000 |  |  |  | (795 | ) |  |  | 6,205 |
Trade name - not subject to amortization |  |  | 36,868 |  |  |  | - |  |  |  | 36,868 |
|  | $ | 108,766 |  |  | $ | (19,424 | ) |  | $ | 89,342 |
|  | As of December 31, 2023 |
|  | Gross Carrying |  |  | Accumulated |  |  | Intangible |
(in thousands) |  | Amount |  |  | Amortization |  |  | Assets, Net |
Customer relationships - subject to amortization |  | $ | 62,559 |  |  | $ | (15,084 | ) |  | $ | 47,475 |
Covenant not to compete - subject to amortization |  |  | 2,339 |  |  |  | (679 | ) |  |  | 1,660 |
Technology and know-how - subject to amortization |  |  | 7,000 |  |  |  | (382 | ) |  |  | 6,618 |
Trade name - not subject to amortization |  |  | 36,868 |  |  |  | - |  |  |  | 36,868 |
|  | $ | 108,766 |  |  | $ | (16,145 | ) |  | $ | 92,621 |
The Company estimates that amortization expense for its intangible assets subject to amortization will be approximately $4.3 million per year for the next two years, $3.8 million the following year and then $3.3 million and $3.0 million, respectively, over the next two years.

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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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