Deferred Sales Commissions, Net

12 Months Ended

Dec. 31, 2019

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Deferred Sales Commissions, Net

Deferred Sales Commissions, Net

The components of deferred sales commissions, net for the years ended December 31, 2019 and 2018 were as follows (excluding amounts related to fully amortized deferred sales commissions):

	December 31,
	2019			2018 (1)
	(in thousands)
Carrying amount of deferred sales commissions	$	68,371		$	78,971
Less: Accumulated amortization	(19,348		)	(40,506		)
Cumulative CDSC received	(12,727		)	(21,317		)
Deferred sales commissions, net	$	36,296		$	17,148

⁽¹⁾ Prior year amounts have been reclassified to conform to our 2019 presentation.

Amortization expense was $15.0 million, $21.3 million and $31.9 million for the years ended December 31, 2019, 2018 and 2017, respectively. Estimated future amortization expense related to the December 31, 2019 net asset balance, assuming no additional CDSC is received in future periods, is as follows (in thousands):

2020	$	17,049
2021	11,666
2022	7,127
2023	454
	$	36,296