Intangible Assets, Goodwill and Other Assets

12 Months Ended

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, Goodwill and Other Assets

Intangible Assets

The following table reflects the components of intangible assets being amortized at December 31, 2019 and 2018:



		December 31, 2019						December 31, 2018
	Weighted Amortization Period in Years	Gross Carrying Amount		Accumulated Amortization		Carrying Value		Gross Carrying Amount		Accumulated Amortization		Carrying Value
Intangible associated with lease ⁽¹⁾	15	—		—		—		13,260		5,407		7,853
Marine contract intangibles	5	27,800		23,033		4,767		27,800		17,593		10,207
Offshore pipeline contract intangibles	19	158,101		36,752		121,349		158,101		28,431		129,670
Other	9	34,291		21,480		12,811		31,747		16,875		14,872
Total		$	220,192	$	81,265	$	138,927	$	230,908	$	68,306	$	162,602

(1) Intangible assets associated with a lease in our onshore facilities & transportation segment are now classified as part of our Right or Use Assets, net as part of our adoption of ASC 842 as of January 1, 2019 (Note 4).

The marine contract intangible primarily relates to the contracts we assumed in the purchase of the M/T American Phoenix in November 2014.

The offshore pipeline contract intangibles relate to customer contracts surrounding certain transportation agreements with producers in the Lucius production area in Southeast Keathley Canyon, which support our SEKCO pipeline.

We are recording amortization of our intangible assets based on the period over which the asset is expected to contribute to our future cash flows. All of our current intangible assets are being amortized on a straight-line basis. Amortization expense on intangible assets was $18.7 million, $21.8 million and $23.6 million for the years ended December 31, 2019, 2018 and 2017, respectively.

The following table reflects our estimated amortization expense for each of the five subsequent fiscal years:



	2020		2021		2022		2023		2024
Marine contract intangibles	4,538		37		35		34		33
Offshore pipeline contract intangibles	8,321		8,321		8,321		8,321		8,321
Other	2,453		2,168		2,010		1,621		1,421
Total	$	15,312	$	10,526	$	10,366	$	9,976	$	9,775

Goodwill

The carrying amount of goodwill in our sodium minerals and sulfur services segment was $301.9 million in December 31, 2019 and 2018. During 2018, we recognized a goodwill impairment loss of $23.1 million related to our onshore facilities and transportation segment during the period. The goodwill impairment was specifically related to our supply and logistics reporting unit, that primarily includes our legacy crude oil and refined products marketing and trucking businesses. Due to our efforts to rightsize these businesses, along with the volatility of crude oil prices and the impact this volatility has on the availability of crude oil and heavy refined products for us to market, the fair value of the reporting unit was determined to be lower than the carrying value of the reporting unit, including goodwill. The fair value was derived using a discounted cash flow present value technique.

Other Assets

Other assets consisted of the following:



	December 31,
	2019		2018
CO₂ volumetric production payments, net of amortization	$	—	$	890
Deferred marine charges, net ⁽¹⁾	24,098		28,175
Contract assets ⁽²⁾	54,232		72,241
Other deferred costs	15,755		20,401
Other assets, net of amortization	$	94,085	$	121,707


(1)	See discussion of deferred charges on marine transportation assets in the Summary of Accounting Policies (Note 2)


(2)	See Revenue Recognition (Note 3) for discussion on the circumstances that result in the recognition of contract assets.

The CO₂ assets were being amortized on a units-of-production method and became fully amortized as of December 31, 2019.