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Intangible Assets
 6 Months Ended
Jun. 30, 2020
Intangible Assets Net Excluding Goodwill [Abstract]  
Intangible Assets

11. INTANGIBLE ASSETS

Intangible assets as of June 30, 2020 and December 31, 2019 consisted of the following:

 

 

 

June 30, 2020

 

 

December 31, 2019

 

(In thousands)

 

Gross Carrying Amount

 

 

Accumulated Amortization

 

 

Net Book Value

 

 

Gross Carrying Amount

 

 

Accumulated Amortization

 

 

Net Book Value

 

Customer relationships

 

$

20,742

 

 

$

(6,690

)

 

$

14,052

 

 

$

22,356

 

 

$

(7,233

)

 

$

15,123

 

Developed technology

 

 

8,200

 

 

 

(1,977

)

 

 

6,223

 

 

 

10,170

 

 

 

(3,379

)

 

 

6,791

 

Licensed technology

 

 

5,900

 

 

 

(1,503

)

 

 

4,397

 

 

 

5,900

 

 

 

(1,174

)

 

 

4,726

 

Supplier relationships

 

 

2,800

 

 

 

(2,800

)

 

 

—

 

 

 

2,800

 

 

 

(2,508

)

 

 

292

 

Licensing agreements

 

 

560

 

 

 

(116

)

 

 

444

 

 

 

560

 

 

 

(79

)

 

 

481

 

Patents

 

 

500

 

 

 

(260

)

 

 

240

 

 

 

500

 

 

 

(226

)

 

 

274

 

Trade names

 

 

210

 

 

 

(111

)

 

 

99

 

 

 

310

 

 

 

(176

)

 

 

134

 

Total

 

$

38,912

 

 

$

(13,457

)

 

$

25,455

 

 

$

42,596

 

 

$

(14,775

)

 

$

27,821

 

 

The Company evaluates the carrying value of intangible assets whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable and the undiscounted cash flows estimated to be generated by the asset are less than the asset’s carrying value. Due to the current economic environment, particularly related to COVID-19, the Company assessed impairment triggers related to intangible assets during the second quarter of 2020. Based on this assessment, no triggers occurred to perform an impairment test, and no impairment losses of intangible assets were recorded.

 

Amortization expense was $1.0 million and $1.3 million for the three months ended June 30, 2020 and 2019, respectively, and $2.4 million and $2.7 million for the six months ended June 30, 2020 and 2019, respectively, and was included in cost of sales, selling, general and administrative expenses and research and development expenses in the Condensed Consolidated Statements of Income (Loss).

As of June 30, 2020, estimated future amortization expense of intangible assets was as follows:

 

(In thousands)

 

 

 

 

2020

 

$

2,076

 

2021

 

 

4,095

 

2022

 

 

3,472

 

2023

 

 

3,320

 

2024

 

 

3,227

 

Thereafter

 

 

9,265

 

Total

 

$

25,455