Intangible Assets

12 Months Ended

Dec. 31, 2019

Intangible Assets Net Excluding Goodwill [Abstract]

Note 8. INTANGIBLE ASSETS

Intangible assets consisted of the following (in thousands):

	December 31, 2019							December 31, 2018
	Gross Amount		Accumulated Amortization			Net Carrying Amount		Gross Amount		Accumulated Amortization			Net Carrying Amount
Wholesale fuel supply contracts/rights	$	124,479	$	(79,791	)	$	44,688	$	126,734	$	(69,265	)	$	57,469
Trademarks		1,078		(1,072	)		6		1,095		(1,006	)		89
Covenant not to compete		4,552		(4,250	)		302		4,581		(4,077	)		504
Below market leases		—		—			—		11,177		(10,176	)		1,001
Total intangible assets	$	130,109	$	(85,113	)	$	44,996	$	143,587	$	(84,524	)	$	59,063

As a result of the adoption of ASC 842, on January 1, 2019, we recorded a transition adjustment reclassifying below market lease intangible assets (and above market lease liabilities) to the right-of-use asset. See Note 2 for additional information.

See Note 3 for additional information on the May 2019 and September 2019 closing of the first and second tranche of the asset exchange with Circle K, which resulted in the disposal of $2.1 million of wholesale fuel distribution rights.

Amortization expense, including amortization of above and below market lease intangible assets, which is classified as rent expense, was $10.9 million, $15.4 million (including $2.0 million of impairments primarily related to FTC-required divestitures discussed in Note 7) and $13.6 million for 2019, 2018 and 2017, respectively. Aggregate amortization expense is expected to be $10.6 million, $9.9 million, $9.2 million, $6.5 million and $4.2 million for 2020, 2021, 2022, 2023 and 2024, respectively.