| INTANGIBLE ASSETS, NET |
INTANGIBLE ASSETS, NET
Intangible assets were recorded in relation to the acquisition of TC on October 1, 2014.
The following tables summarize the gross carrying amounts and accumulated amortization of intangible assets by major class:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2020 |
|
|
Gross |
|
Accumulated Amortization |
|
Net |
|
|
(thousands of dollars) |
Customer relationships |
|
$ |
16,852 |
|
|
$ |
(6,179 |
) |
|
$ |
10,673 |
|
Non-compete agreements |
|
94 |
|
|
(94 |
) |
|
— |
|
Licenses and permits |
|
1,471 |
|
|
(628 |
) |
|
843 |
|
Developed technology |
|
6,131 |
|
|
(3,372 |
) |
|
2,759 |
|
Total |
|
$ |
24,548 |
|
|
$ |
(10,273 |
) |
|
$ |
14,275 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2019 |
|
|
Gross |
|
Accumulated Amortization |
|
Net |
|
|
(thousands of dollars) |
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 three months ended March 31, 2020 and 2019 was approximately $0.5 million and $0.5 million, respectively.
Based on identified intangible assets that are subject to amortization as of March 31, 2020, we expect future amortization expenses for each period to be as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
Remainder of 2020 |
|
|
2021 |
|
|
2022 |
|
|
2023 |
|
|
2024 |
|
|
2025 |
|
|
Thereafter |
|
|
|
(thousands of dollars) |
Customer relationships |
|
$ |
10,673 |
|
|
$ |
843 |
|
|
$ |
1,123 |
|
|
$ |
1,123 |
|
|
1,123 |
|
|
1,123 |
|
|
1,123 |
|
|
$ |
4,215 |
|
Licenses and permits |
|
843 |
|
|
79 |
|
|
101 |
|
|
86 |
|
|
86 |
|
|
86 |
|
|
86 |
|
|
319 |
|
Developed technology |
|
2,759 |
|
|
460 |
|
|
613 |
|
|
613 |
|
|
613 |
|
|
460 |
|
|
— |
|
|
— |
|
Total future amortization expense |
|
$ |
14,275 |
|
|
$ |
1,382 |
|
|
$ |
1,837 |
|
|
$ |
1,822 |
|
|
$ |
1,822 |
|
|
$ |
1,669 |
|
|
$ |
1,209 |
|
|
$ |
4,534 |
|
|