Goodwill and Other Intangible Assets
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| December 31, |
| 2020 | | 2019 |
| (In thousands) |
| Goodwill | $ | 12,790 | | | $ | 12,790 | |
| Other intangible assets | | | |
| Gross other intangible assets | 286 | | | 6,386 | |
| Accumulated amortization | (237) | | | (6,321) | |
| Net other intangible assets | 49 | | | 65 | |
| Total goodwill and other intangible assets | $ | 12,839 | | | $ | 12,855 | |
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The reduction in the gross other intangible assets and related accumulated amortization balances was due to the retirement of fully amortized patent assets during the year ended December 31, 2020.
Goodwill
Goodwill is tested for impairment annually in the third quarter (July 1) of the Company’s fiscal year or more frequently if indicators of potential impairment exist. The recoverability of goodwill is measured at the reporting unit level, which represents the operating segment.
On July 1, 2020, the Company estimated the fair value of its reporting units using both the discounted cash flow and market approaches. The forecast of future cash flows, which are based on the Company’s best estimate of future net sales and operating expenses, are based primarily on expected category expansion, pricing, market segment, and general economic conditions. The Company incorporates other significant inputs to its fair value calculations, including discount rate and market multiples, to reflect current market conditions, and also considered the impact of the COVID-19 pandemic and the termination of the VorTeq License Agreement in its calculations. The analysis performed indicated that the fair value of each reporting unit that is allocated goodwill significantly exceed their carrying value. As a result, no impairment charge was recorded during the year ended December 31, 2020. The Company continues to actively monitor the industries in which it operates and its businesses’ performance for indicators of potential impairment.
Other Intangible Assets
The following table presents the components of active identifiable intangible assets, all of which are finite-lived, at the beginning of each respective year and their related accumulated amortization and carrying value at the end of each respective year. All intangible assets are amortized on a straight-line basis over their useful life.
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| | | Weighted Average Useful Life | | December 31, 2020 | | December 31, 2019 |
| | | | Gross Carrying Amount | | Accumulated Amortization | | Net Carrying Amount | | Gross Carrying Amount | | Accumulated Amortization | | Net Carrying Amount |
| | | (In thousands, except for weighted average useful life) |
| Developed technology | | | 10 years | | $ | — | | | $ | — | | | $ | — | | | $ | 6,100 | | | $ | (6,100) | | | $ | — | |
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| Patents | | | 18 years | | 286 | | | (237) | | | 49 | | | 286 | | | (221) | | | 65 | |
| Total | | | | | $ | 286 | | | $ | (237) | | | $ | 49 | | | $ | 6,386 | | | $ | (6,321) | | | $ | 65 | |
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There was no impairment of intangible assets recorded during the years ended December 31, 2020, 2019 and 2018.
The following table presents the intangible asset amortization expense recognized.
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| | | | Years Ended December 31, |
| | | | | | 2020 | | 2019 | | 2018 |
| | | | | (In thousands) |
| Amortization of intangible assets | | | | | $ | 16 | | | $ | 575 | | | $ | 630 | |
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The following table presents the future estimated amortization expense on intangible assets as of December 31, 2020.
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| | Estimated Future Amortization |
| | (In thousands) |
| Year: | | |
| 2021 | | $ | 12 | |
| 2022 | | 11 | |
| 2023 | | 11 | |
| 2024 | | 11 | |
| 2025 | | 4 | |
| | |
| Total | | $ | 49 | |
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