| INTANGIBLE ASSETS, NET |
INTANGIBLE ASSETS, NET Intangible assets were recorded in relation to the acquisition of TC on October 1, 2014.
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| The following tables summarize the gross carrying amounts and accumulated amortization of intangible assets by major class: |
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September 30, 2021 |
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Gross |
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Accumulated Amortization |
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Net |
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(thousands of dollars) |
| Customer relationships |
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$ |
16,852 |
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$ |
(7,864) |
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$ |
8,988 |
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| Non-compete agreements |
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94 |
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(94) |
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— |
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| Licenses and permits |
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1,471 |
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(786) |
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685 |
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| Developed technology |
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6,131 |
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(4,292) |
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1,839 |
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| Total |
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$ |
24,548 |
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$ |
(13,036) |
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$ |
11,512 |
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December 31, 2020 |
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Gross |
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Accumulated Amortization |
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Net |
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(thousands of dollars) |
| Customer relationships |
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$ |
16,852 |
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$ |
(7,022) |
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$ |
9,830 |
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| Non-compete agreements |
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94 |
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(94) |
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— |
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| Licenses and permits |
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1,471 |
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(707) |
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764 |
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| Developed technology |
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6,131 |
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(3,832) |
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2,299 |
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| Total |
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$ |
24,548 |
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$ |
(11,655) |
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$ |
12,893 |
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Amortization expense for intangible assets included in cost of sales was approximately $0.5 million and $0.5 million for the three months and $1.4 million and $1.4 million for the nine months ended September 30, 2021 and 2020, respectively.
Based on identified intangible assets that are subject to amortization as of September 30, 2021, we expect future amortization expenses for each period to be as follows:
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Total |
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Remainder of 2021 |
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2022 |
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2023 |
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2024 |
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2025 |
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2026 |
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Thereafter |
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(thousands of dollars) |
| Customer relationships |
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$ |
8,988 |
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$ |
281 |
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$ |
1,123 |
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$ |
1,123 |
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1,123 |
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1,123 |
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1,123 |
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$ |
3,092 |
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| Licenses and permits |
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685 |
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22 |
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86 |
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86 |
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86 |
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86 |
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86 |
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233 |
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| Developed technology |
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1,839 |
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153 |
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613 |
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613 |
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460 |
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— |
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— |
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— |
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| Total future amortization expense |
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$ |
11,512 |
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$ |
456 |
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$ |
1,822 |
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$ |
1,822 |
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$ |
1,669 |
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$ |
1,209 |
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$ |
1,209 |
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$ |
3,325 |
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