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Intangibles (Net of Amortization) and Goodwill | 12 Months Ended
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Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract] |
Intangibles (Net of Amortization) and Goodwill | Intangibles (Net of Amortization) and Goodwill The net carrying amount of intangibles and goodwill was $130 million at December 31, 2020 and $132 million at December 31, 2019. The gross carrying amount and accumulated amortization of each type of intangible asset and goodwill are presented in the table below.
|  | December 31,
|  | 2020 |  | 2019
(in thousands) |  | Gross Carrying Amount |  | Accumulated Amortization |  | Gross Carrying Amount |  | Accumulated Amortization
Amortizing intangible assets |  |  |  |  |  |  |  |
Formulas and technology |  | $ | 6,200 |  |  | $ | 3,617 |  |  | $ | 9,600 |  |  | $ | 5,416 |
Contract |  | 2,000 |  |  | 800 |  |  | 2,000 |  |  | 600 |
Customer bases |  | 14,240 |  |  | 12,037 |  |  | 14,240 |  |  | 10,931 |
Goodwill |  | 123,958 |  |  |  |  | 122,987 |  |  |
|  | $ | 146,398 |  |  | $ | 16,454 |  |  | $ | 148,827 |  |  | $ | 16,947 |
Aggregate amortization expense |  |  |  | $ | 2,907 |  |  |  |  | $ | 4,206 |
Aggregate amortization expense was $7 million in 2018. All of the intangibles relate to the petroleum additives segment. The change in the gross carrying amount between 2019 and 2020 was due to foreign currency fluctuations, as well as the following: •A formulas and technology intangible asset became fully amortized in 2020, resulting in a decrease in the gross carrying amount and accumulated amortization. •In May 2020, we completed the purchase of the remaining outstanding capital stock of Aditivos Mexicanos, S.A. de C.V. (AMSA), which we acquired in 2017. The prior noncontrolling interest represented by the outstanding capital stock of AMSA was not material. There is no accumulated goodwill impairment. Estimated annual amortization expense related to our intangible assets for the next five years is expected to be (in thousands):
2021 | $ | 2,156 |
2022 | 1,423 |
2023 | 907 |
2024 | 390 |
2025 | 390 |
We amortize the contract over 10 years; customer bases over 4 years to 20 years; and formulas and technology over 6 years.

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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