Quarterly report pursuant to Section 13 or 15(d)

INTANGIBLE ASSETS, NET

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INTANGIBLE ASSETS, NET
 3 Months Ended
Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
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, 2021
Gross Accumulated Amortization Net
(thousands of dollars)
Customer relationships $ 16,852  $ (7,302) $ 9,550 
Non-compete agreements 94  (94) — 
Licenses and permits 1,471  (734) 737 
Developed technology 6,131  (3,985) 2,146 
Total $ 24,548  $ (12,115) $ 12,433 
  December 31, 2020
Gross Accumulated Amortization Net
(thousands of dollars)
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 
Amortization expense for intangible assets included in cost of sales was approximately $0.5 million and $0.5 million for the three months ended March 31, 2021 and 2020, respectively.
Based on identified intangible assets that are subject to amortization as of March 31, 2021, we expect future amortization expenses for each period to be as follows:
Total Remainder of 2021 2022 2023 2024 2025 2026 Thereafter
(thousands of dollars)
Customer relationships $ 9,550  $ 843  $ 1,123  $ 1,123  1,123  1,123  1,123  $ 3,092 
Licenses and permits 737  74  86  86  86  86  86  233 
Developed technology 2,146  460  613  613  460  —  —  — 
Total future amortization expense $ 12,433  $ 1,377  $ 1,822  $ 1,822  $ 1,669  $ 1,209  $ 1,209  $ 3,325