Intangible assets are defined as identifiable non-monetary assets that cannot be seen, touched or physically measured. Furmanite's intangible assets for the quarter that ended in Sep. 2015 was $23.3 Mil.
Furmanite Intangible Assets Historical Data
The historical data trend for Furmanite's Intangible Assets can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Intangible assets are defined as identifiable non-monetary assets that cannot be seen, touched or physically measured. Examples of intangible assets include trade secrets, copyrights, patents, trademarks. If a company acquires assets at the prices above the book value, it may carry goodwill on its balance sheet. Goodwill reflects the difference between the price the company paid and the book value of the assets.
If a company (company A) received a patent through their own work, though it has value, it does not show up on its balance sheet as an intangible asset. However, if company A sells this patent to company B, it will show up on company B's balance sheet as an intangible asset.
The same applies to brand names, trade secrets etc. For instance, Coca-Cola's brand is extremely valuable, but the brand does not appear on its balance sheet, because the brand was never acquired.
Some intangibles are amortized. Amortization is the depreciation of intangible assets.
Many intangibles are not amortized. They may still be written down when the company decides the asset is impaired.
Whenever you see an increase in goodwill over a number of years, you can assume it's because the company is out buying other businesses above book value. GOOD if buying businesses with durable competitive advantage.
If goodwill stays the same, the company when acquiring other companies is either paying less than book value or not acquiring. Businesses with moats never sell for less than book value.
Intangibles acquired are on balance sheet at fair value.
Internally developed brand names (Coke, Wrigleys, Band-Aid) however are not reflected on the balance sheet.
One of the reasons competitive advantage power can remain hidden for so long.
Be Aware
Companies may change the way intangible assets are amortized, and this will affect their reported earnings.
Furmanite Intangible Assets Related Terms
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Furmanite Corp was incorporated in Delaware on January 23, 1953. It provides specialized technical services. The Company together with its subsidiaries conducts business under two operating segments; Technical Services and Engineering & Project Solutions. Technical Services provides specialized technical services, including on-line, off-line and other services. On-line services include leak sealing, hot tapping, line stopping, line isolation, composite repair, valve testing and certain non-destructive testing and inspection services, while off-line services include on-site machining, heat treatment, bolting, valve repair and other non-destructive testing and inspection services. Other services include smart shim services, concrete repair, engineering services, valves and other products and manufacturing. These services and products are provided mainly to electric power generating plants, the petroleum industry, which includes refineries and off-shore drilling rigs, chemical plants and other process industries in the Americas, EMEA and Asia-Pacific through a wholly owned subsidiary of the Parent Company, Furmanite Worldwide, Inc. and its domestic and international subsidiaries and affiliates. The Engineering & Project Solutions operating segment, which includes Furmanite Technical Solutions, provides project planning, professional engineering, downstream non-destructive testing and inspection, construction management, mechanical integrity, field support, quality assurance and plant asset management services, as well as certain other inspection and project management services. Customers include refining and petrochemical operators as well as maintenance, and engineering and construction contractors servicing the downstream and midstream oil and gas markets, all of which are in the Americas. The Company currently operates over 30 offices in the United States. The Company competes against large and well established national and international companies as well as regional and local companies. It also competes with the in-house maintenance departments of customers or potential customers. Many aspects of the Company's operations are subject to governmental regulation.
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