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Intangible Assets, net
 12 Months Ended
Dec. 31, 2024
Intangible Assets, net  
Intangible Assets, net

10. Intangible Assets, net

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

Intangible assets, net is comprised of the following:

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​

​

​

​

​

​

​

​

​

December 31, 

(in thousands)

​

2024

​

2023

Gross carrying amount

​

$

218,564

​

$

142,336

Accumulated amortization

​

 

(120,293)

​

 

(112,154)

Intangible assets, net

​

$

98,271

​

$

30,182

​

Intangible assets are amortized on a straight–line basis with estimated useful lives ranging from five to 25 years. Amortization expense was $8.1 million, $6.9 million and $8.9 million during the years ended December 31, 2024, 2023 and 2022, respectively.

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

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​

​

​

​

(in thousands)

​

​

​

2025

​

$

11,072

2026

​

 

10,509

2027

​

 

9,634

2028

​

 

9,280

2029

​

 

9,139

Thereafter

​

 

48,637

Total

​

$

98,271

​