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Intangible Assets, net
12 Months Ended
Dec. 31, 2023
Intangible Assets, net  
Intangible Assets, net

9. Intangible Assets, net

Intangible assets include customer relationships associated with various business and asset acquisitions.  These acquired intangible assets were recorded at fair value determined as of the date of acquisition and are being amortized over the period we expect to benefit from the assets.

Intangible assets, net is comprised of the following:

December 31, 

(in thousands)

2023

2022

Gross carrying amount

$

142,336

$

141,462

Accumulated amortization

 

(112,154)

 

(104,385)

Intangible assets, net

$

30,182

$

37,077

Intangible assets are amortized on a straight–line basis with estimated useful lives ranging from 15 to 25 years.  Amortization expense was $6.9 million, $8.9 million and $11.3 million during the years ended December 31, 2023, 2022 and 2021, respectively.

Estimated amortization expense for each of the subsequent five fiscal years is expected to be as follows:

(in thousands)

2024

$

5,721

2025

 

3,595

2026

 

3,032

2027

 

2,157

2028

 

1,803

Thereafter

 

13,874

Total

$

30,182