GOODWILL AND INTANGIBLE ASSETS, NET
|12 Months Ended|
Dec. 31, 2020
|Goodwill and Intangible Assets Disclosure [Abstract]|
|GOODWILL AND INTANGIBLE ASSETS, NET||GOODWILL AND INTANGIBLE ASSETS, NET
We evaluated our goodwill for impairment during the fourth quarter of 2019 in connection with our annual review. As part of our review, we assessed 2019 operating performance and its impact on the operating cash flows of our Specialty Waxes reporting unit. We concluded based on this analysis that the estimates of fair value of our Specialty Waxes reporting unit was lower than its book value, including goodwill. As a result, we recorded a non-cash impairment charge of $24.2 million in 2019, representing all of the the goodwill previously allocated to this reporting unit.
The following table summarizes the gross carrying amounts and accumulated amortization of intangible assets by major class (in thousands):
Amortization expense for intangible assets included in cost of sales for the years ended December 31, 2020, 2019, and 2018, was approximately $1.8 million, $1.9 million, and $1.9 million respectively.
Based on identified intangible assets that are subject to amortization as of December 31, 2020, we expect future amortization expenses for each period to be as follows (in thousands):
The entire disclosure for goodwill and intangible assets.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef