Annual report pursuant to Section 13 and 15(d)

GOODWILL AND INTANGIBLE ASSETS, NET

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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
Goodwill
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.
Intangible Assets
The following table summarizes the gross carrying amounts and accumulated amortization of intangible assets by major class (in thousands):
December 31, 2020
Intangible assets subject to amortization
(Definite-lived)		 Gross Accumulated
Amortization		 Net
Customer relationships $ 16,852  $ (7,022) $ 9,830 
Non-compete agreements 94  (94) — 
Licenses and permits 1,471  (707) 764 
Developed technology 6,131  (3,832) 2,299 
Total $ 24,548  $ (11,655) $ 12,893 
December 31, 2019
Intangible assets subject to amortization
(Definite-lived)		 Gross Accumulated
Amortization		 Net
Customer relationships $ 16,852  $ (5,898) $ 10,954 
Non-compete agreements 94  (94) — 
Licenses and permits 1,471  (601) 870 
Developed technology 6,131  (3,219) 2,912 
Total $ 24,548  $ (9,812) $ 14,736 
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):
Total 2021 2022 2023 2024 2025 Thereafter
Customer relationships $ 9,830  $ 1,123  $ 1,123  $ 1,123  $ 1,123  $ 1,123  $ 4,215 
Licenses and permits 764  101  86  86  86  86  319 
Developed technology 2,299  613  613  613  460  —  — 
Total future amortization expense $ 12,893  $ 1,837  $ 1,822  $ 1,822  $ 1,669  $ 1,209  $ 4,534