Goodwill and Intangible Assets
12 Months Ended
Dec. 31, 2013
Goodwill and Intangible Assets

(6) Goodwill and Intangible Assets

Goodwill

Changes in the carrying amount of goodwill were as follows:

 

Balance at December 31, 2011

   $ 90,008   

Additions—Power Fuels merger

     312,715   

Additions—Other acquisitions

     12,453   
  

 

 

 

Balance at December 31, 2012

     415,176   

Additions—2013 acquisitions

     341   

Acquisition adjustments, net

     (6,821
  

 

 

 

Balance at December 31, 2013

   $ 408,696   
  

 

 

 

During 2013, the Company recorded net adjustments to goodwill for the settlement of the working capital adjustment for Power Fuels and the finalization of tangible asset valuations for Power Fuels.

 

Intangible Assets

Intangible assets consist of the following:

 

    December 31, 2013     December 31, 2012  
    Gross
Carrying
Amount
    Accumulated
Amortization
    Net     Remaining
Useful Life
    Gross
Carrying
Amount
    Accumulated
Amortization
    Net     Remaining
Useful Life
 

Customer relationships

  $ 163,106      $ (28,127   $ 134,979        13.6      $ 166,426      $ (8,945   $ 157,481        14.3   

Disposal permits

    1,819        (682     1,137        7.2        2,588        (472     2,116        8.2   

Customer contracts

    17,352        (4,105     13,247        13.0        17,352        (3,073     14,279        14.0   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  $ 182,277      $ (32,914   $ 149,363        13.4      $ 186,366      $ (12,490   $ 173,876        14.2   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

The remaining weighted average useful lives shown are calculated based on the net book value and remaining amortization period of each respective intangible asset. During the years ended December 31, 2013 and 2012, the Company recorded impairment charges of $4.5 million and $2.4 million, respectively, for the write-down of certain intangible assets (Note 7).

Amortization expense was $20.4 million, $7.5 million and $3.9 million for the years ended December 31, 2013, 2012 and 2011, respectively. As of December 31, 2013, future amortization expense of intangible assets is estimated to be:

 

2014

   $ 16,681   

2015

     15,643   

2016

     13,930   

2017

     13,310   

2018

     12,889   

Thereafter

     76,910   
  

 

 

 

Total

   $ 149,363