Annual report pursuant to Section 13 and 15(d)

Goodwill and Intangible Assets, net

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Goodwill and Intangible Assets, net
12 Months Ended
Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets, net Goodwill and Intangible Assets, net
The goodwill and intangible assets were acquired as part of the acquisition of Mainstream Energy Corporation, which included AEE Solar and its racking business SnapNrack, Clean Energy Experts, LLC, and Omni Energy, LLC.
The change in the carrying value of goodwill is as follows (in thousands):
Balance—January 1, 2017 and 2018
 
$
87,543

Acquisition of Omni (Note 3)
 
7,551

Balance—December 31, 2019
 
$
95,094


The Company performs its annual impairment test of goodwill on October 1 of each fiscal year or whenever events or circumstances change or occur that would indicate that goodwill might be impaired. The Company has determined that it has one reporting unit.
There was no impairment of goodwill during the years ended December 31, 2019, 2018 and 2017, respectively.
Intangible assets, net as of December 31, 2019 consist of the following (in thousands, except weighted average remaining life):
 
 
Cost
 
Accumulated
amortization
 
Carrying
value
 
Weighted
average
remaining life
(in years)
Customer relationships
 
$
28,870

 
$
(10,837
)
 
$
18,033

 
4.3
Developed technology
 
6,820

 
(6,525
)
 
295

 
0.3
Trade names
 
6,990

 
(5,775
)
 
1,215

 
3.3
Total
 
$
42,680

 
$
(23,137
)
 
$
19,543

 
 
Intangible assets, net as of December 31, 2018 consist of the following (in thousands, except weighted average remaining life):
 
 
Cost
 
Accumulated
amortization
 
Carrying
value
 
Weighted
average
remaining life
(in years)
Customer relationships
 
$
14,660

 
$
(7,716
)
 
$
6,944

 
4.6
Developed technology
 
6,820

 
(5,328
)
 
1,492

 
1.2
Trade names
 
6,990

 
(5,338
)
 
1,652

 
4.1
Total
 
$
28,470

 
$
(18,382
)
 
$
10,088

 
 

The Company recorded amortization of intangible assets expense of $4.8 million, $4.2 million and $4.2 million for the years ended December 31, 2019, 2018 and 2017, respectively. As of December 31, 2019, expected amortization of intangible assets for each of the five succeeding fiscal years and thereafter is as follows (in thousands):
2020
$
4,985

2021
4,592

2022
4,585

2023
3,893

2024
1,488

Thereafter

Total
$
19,543