| GOODWILL AND INTANGIBLE ASSETS, NET |
GOODWILL AND INTANGIBLE ASSETS, NET
Goodwill and intangible assets were recorded in relation to the acquisition of TC on October 1, 2014.
Goodwill was $21.8 million and $21.8 million as of September 30, 2019 and December 31, 2018, respectively.
The following tables summarize the gross carrying amounts and accumulated amortization of intangible assets by major class:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2019 |
|
|
Gross |
|
Accumulated
Amortization
|
|
Net |
Intangible assets subject to amortization (Definite-lived) |
|
(thousands of dollars) |
Customer relationships |
|
$ |
16,852 |
|
|
$ |
(5,617 |
) |
|
$ |
11,235 |
|
Non-compete agreements |
|
94 |
|
|
(94 |
) |
|
— |
|
Licenses and permits |
|
1,471 |
|
|
(575 |
) |
|
896 |
|
Developed technology |
|
6,131 |
|
|
(3,066 |
) |
|
3,065 |
|
|
|
24,548 |
|
|
(9,352 |
) |
|
15,196 |
|
Intangible assets not subject to amortization (Indefinite-lived) |
|
|
|
|
|
|
Emissions allowance |
|
197 |
|
|
— |
|
|
197 |
|
Trade name |
|
2,158 |
|
|
— |
|
|
2,158 |
|
Total |
|
$ |
26,903 |
|
|
$ |
(9,352 |
) |
|
$ |
17,551 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2018 |
|
|
Gross |
|
Accumulated
Amortization
|
|
Net |
Intangible assets subject to amortization (Definite-lived) |
|
(thousands of dollars) |
Customer relationships |
|
$ |
16,852 |
|
|
$ |
(4,775 |
) |
|
$ |
12,077 |
|
Non-compete agreements |
|
94 |
|
|
(80 |
) |
|
14 |
|
Licenses and permits |
|
1,471 |
|
|
(495 |
) |
|
976 |
|
Developed technology |
|
6,131 |
|
|
(2,606 |
) |
|
3,525 |
|
|
|
24,548 |
|
|
(7,956 |
) |
|
16,592 |
|
Intangible assets not subject to amortization (Indefinite-lived) |
|
|
|
|
|
|
Emissions allowance |
|
197 |
|
|
— |
|
|
197 |
|
Trade name |
|
2,158 |
|
|
— |
|
|
2,158 |
|
Total |
|
$ |
26,903 |
|
|
$ |
(7,956 |
) |
|
$ |
18,947 |
|
Amortization expense for intangible assets included in cost of sales for the three months ended September 30, 2019 and 2018, was approximately $0.5 million and $0.5 million, respectively, and for the nine months ended September 30, 2019 and 2018, was approximately $1.4 million and $1.4 million, respectively.
Based on identified intangible assets that are subject to amortization as of September 30, 2019, we expect future amortization expenses for each period to be as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
Remainder of 2019 |
|
|
2020 |
|
|
2021 |
|
|
2022 |
|
|
2023 |
|
|
2024 |
|
|
Thereafter |
|
|
|
(thousands of dollars) |
Customer relationships |
|
$ |
11,235 |
|
|
$ |
281 |
|
|
$ |
1,123 |
|
|
$ |
1,123 |
|
|
1,123 |
|
|
1,123 |
|
|
1,123 |
|
|
$ |
5,339 |
|
Licenses and permits |
|
896 |
|
|
26 |
|
|
106 |
|
|
101 |
|
|
86 |
|
|
86 |
|
|
86 |
|
|
405 |
|
Developed technology |
|
3,065 |
|
|
153 |
|
|
613 |
|
|
613 |
|
|
613 |
|
|
613 |
|
|
460 |
|
|
— |
|
Total future amortization expense |
|
$ |
15,196 |
|
|
$ |
460 |
|
|
$ |
1,842 |
|
|
$ |
1,837 |
|
|
$ |
1,822 |
|
|
$ |
1,822 |
|
|
$ |
1,669 |
|
|
$ |
5,744 |
|
|