Goodwill and Other Intangibles

Goodwill

The carrying amount of goodwill at both December 31, 2019 and 2018 was $29.8 million. Accumulated impairment losses at both December 31, 2019 and 2018 were $11.6 million.

Other Intangible Assets

In March 2018, the Company acquired intellectual property (“IP”) from AGA Systems, LLC (“AGA”) for the conversion of certain gasoline engines to alternative fuel engines. The Company paid cash of $1.5 million ($1.0 million in 2018 and $0.5 million in 2017) to acquire the IP assets and provided a minimum guaranteed payment of an additional $1.2 million to be paid over a three-year period from the date of acquisition. If certain milestones related to future sales are met, the Company could pay up to an additional $3.3 million to AGA. The acquisition was accounted for as an asset acquisition because the gross assets acquired were concentrated within a group of similar identifiable assets. The Company recorded developed technology of $2.7 million related to the acquired IP and a liability of $1.2 million related to the guaranteed payment. The sales-based milestone payments are recorded as they are earned and the milestones are probable of being achieved. The developed technology was being depreciated over an estimated useful life of approximately three years. In the fourth quarter of 2018, based on uncertainty of the market for the conversion of certain gasoline engines to alternative fuel engines, the Company concluded that the forecasted future cash flows were not sufficient to recover the carrying value of the assets. As a result, the Company recorded an impairment charge of $2.2 million to write off the remaining book value of the intangible assets.

Components of intangible assets are as follows:



(in thousands)	As of December 31, 2019
	Gross Carrying Value		Accumulated Amortization			Net Book Value
Customer relationships	$	34,940	$	(22,236	)	$	12,704
Developed technology	700		(605		)	95
Trade names and trademarks	1,700		(1,127		)	573
Total	$	37,340	$	(23,968	)	$	13,372



(in thousands)	As of December 31, 2018
	Gross Carrying Value		Accumulated Amortization			Net Book Value
Customer relationships	$	34,940	$	(18,816	)	$	16,124
Developed technology	700		(537		)	163
Trade names and trademarks	1,700		(977		)	723
Total	$	37,340	$	(20,330	)	$	17,010

Estimated future amortization expense for intangible assets as of December 31, 2019 is as follows:



(in thousands)
Year Ending December 31,	Estimated Amortization
2020	$	3,053
2021	2,535
2022	2,124
2023	1,746
2024	1,459
2025 and beyond	2,455
Total	$	13,372