XML 34 R18.htm IDEA: XBRL DOCUMENT v3.22.0.1
GOODWILL AND INTANGIBLE ASSETS, NET
 12 Months Ended
Dec. 31, 2021
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 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, 2021
Intangible assets subject to amortization
(Definite-lived)		GrossAccumulated
Amortization		Net
Customer relationships$16,852 $(8,145)$8,707 
Non-compete agreements94 (94)— 
Licenses and permits1,471 (808)663 
Developed technology6,131 (4,445)1,686 
Total$24,548 $(13,492)$11,056 
December 31, 2020
Intangible assets subject to amortization
(Definite-lived)		GrossAccumulated
Amortization		Net
Customer relationships$16,852 $(7,022)$9,830 
Non-compete agreements94 (94)— 
Licenses and permits1,471 (707)764 
Developed technology6,131 (3,832)2,299 
Total$24,548 $(11,655)$12,893 
Amortization expense for intangible assets included in cost of sales for the years ended December 31, 2021, 2020, and 2019, was approximately $1.8 million, $1.8 million, and $1.9 million respectively.
Based on identified intangible assets that are subject to amortization as of December 31, 2021, we expect future amortization expenses for each period to be as follows (in thousands):
Total20222023202420252026Thereafter
Customer relationships$8,707 $1,123 $1,123 $1,123 $1,123 $1,123 $3,092 
Licenses and permits663 86 86 86 86 86 233 
Developed technology1,686 613 613 460 — — — 
Total future amortization expense$11,056 $1,822 $1,822 $1,669 $1,209 $1,209 $3,325