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INTANGIBLE ASSETS | 12 Months Ended
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Dec. 31, 2020
INTANGIBLE ASSETS |
INTANGIBLE ASSETS | 8. INTANGIBLE ASSETS The Company’s indefinite-lived intangible assets as recorded in the Consolidated Balance Sheets consisted of the following as of December 31, 2020 and 2019 (in thousands):
​ | ​ | ​ | ​
​ | ​ | Indefinite-Lived
​ |  | Intangible Assets
Goodwill | ​ | $ | 11,112
Trademarks | ​ |  | 32,868
Total | ​ | $ | 43,980
​ The Company evaluates goodwill for impairment annually as of December 31 or more frequently when an event occurs or circumstances change that indicates the carrying value may not be recoverable. Given the substantial reduction in sales, reduced cash flow projections, and the decrease in the Company’s market capitalization in 2020 due to the impact of the COVID-19 pandemic on macroeconomic conditions, the Company determined that potential impairment indicators were present and that impairment assessments were warranted for its goodwill and trademarks at each quarterly interim period in 2020, and again at December 31, 2020. No impairment charges were recorded on the Company’s goodwill or trademarks during 2020. ​ In conducting the year-end goodwill impairment assessment, the estimated fair value of the Company’s wholesale reporting unit was determined using a discounted cash flows analysis and market comparisons. As of December 31, 2020, the fair value of the Company’s wholesale reporting unit exceeded its carrying value by 37%; therefore, no impairment was recorded on the goodwill. There has never been an impairment recorded on this goodwill. ​ In evaluating trademarks, estimated fair values were determined using discounted cash flows and implied royalty rates. Based on the results of the trademark assessments, the Company concluded that the fair values of the trademarks substantially exceeded their respective carrying values. Therefore, no impairment was recorded on the Company’s trademarks. ​ The Company can make no assurances that its goodwill or trademarks will not be impaired in the future. When preparing a discounted cash flow analysis, the Company makes a number of key estimates and assumptions regarding future cash flows and growth. The discount rate used is based on the Company’s weighted average cost of capital, which includes assumptions such as market capital structure, market beta, risk-free rate of return, and estimated costs of borrowing. Changes in key estimates assumptions, and macroeconomic conditions, and/or continued deterioration of the Company’s market capitalization and business, could lead to an impairment charge in a future period. ​ The Company’s amortizable intangible assets as recorded in the Consolidated Balance Sheets consisted of the following:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | December 31, 2020 | ​ | December 31, 2019
​ | ​ | Weighted | ​ | Gross | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Gross | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Average | ​ | Carrying | ​ | Accumulated | ​ | ​ | ​ | ​ | Carrying | ​ | Accumulated | ​ | ​ | ​
​ |  | Life (Years) |  | Amount |  | Amortization |  | Net |  | Amount |  | Amortization |  | Net
​ | ​ | ​ | ​ | ​ | (Dollars in thousands) | ​ | (Dollars in thousands)
Amortizable intangible assets | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Customer relationships |  | ​ | 15 | ​ | $ | 3,500 | ​ | $ | (2,294) | ​ | $ | 1,206 | ​ | $ | 3,500 | ​ | $ | (2,061) | ​ | $ | 1,439
Total amortizable intangible assets | ​ | ​ | ​ | ​ | $ | 3,500 | ​ | $ | (2,294) | ​ | $ | 1,206 | ​ | $ | 3,500 | ​ | $ | (2,061) | ​ | $ | 1,439
​ The amortizable intangible assets are included within other assets in the Consolidated Balance Sheets. See Note 9. The Company recorded amortization expense for intangible assets of $233,000 in 2020 and in 2019, respectively. Excluding the impact of any future acquisitions, the Company anticipates future amortization expense will be approximately $233,000 in each of the years 2021 through 2025, and approximately $40,000 thereafter.

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