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Intangibles (Net of Amortization) and Goodwill | 9 Months Ended
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Sep. 30, 2022
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 $126 million at September 30, 2022 and $128 million at December 31, 2021. The gross carrying amount and accumulated amortization of each type of intangible asset and goodwill are presented in the table below.
|  | September 30, 2022 |  | December 31, 2021
(in thousands) |  | Gross Carrying Amount |  | Accumulated Amortization |  | Gross Carrying Amount |  | Accumulated Amortization
Amortizing intangible assets |  |  |  |  |  |  |  |
Formulas and technology |  | $ | 6,200 |  |  | $ | 5,425 |  |  | $ | 6,200 |  |  | $ | 4,650 |
Contract |  | 2,000 |  |  | 1,150 |  |  | 2,000 |  |  | 1,000 |
Customer base |  | 5,440 |  |  | 4,302 |  |  | 5,440 |  |  | 4,160 |
Goodwill |  | 123,560 |  |  |  |  | 123,922 |  |  |
|  | $ | 137,200 |  |  | $ | 10,877 |  |  | $ | 137,562 |  |  | $ | 9,810 |
All of the intangibles relate to the petroleum additives segment. The change in the gross carrying amount between December 31, 2021 and September 30, 2022 is due to foreign currency fluctuation. There is no accumulated goodwill impairment. Amortization expense was (in thousands):
Third quarter ended September 30, 2022 | $ | 356 |
Nine months ended September 30, 2022 | 1,067 |
Third quarter ended September 30, 2021 | 356 |
Nine months ended September 30, 2021 | 1,800 |
Estimated amortization expense for the remainder of 2022, as well as estimated annual amortization expense related to our intangible assets for the next five years, is expected to be (in thousands):
2022 | $ | 356 |
2023 | 907 |
2024 | 390 |
2025 | 390 |
2026 | 390 |
2027 | 190 |
We amortize formulas and technology over 6 years, the contract over 10 years, and the customer base over 20 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 https://asc.fasb.org/topic&trid=2144416 + Details
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