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Intangible Assets | 6 Months Ended
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Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Intangible Assets | Intangible Assets Intangible assets consist of customer relationships and trademark/trade name. Intangible assets are amortized on a straight‑line basis with a useful life of ten years. Amortization expense included in net income for the three and six months ended June 30, 2023 was $1.4 million and $2.9 million, respectively. There was no amortization expense during the three and six months ended June 30, 2022. The Company’s intangible assets subject to amortization consisted of the following:
(in thousands) |  |  |
| June 30, 2023 |  | December 31, 2022
Intangible assets acquired: |  |  |
Trademark/trade name | $ | 10,800 |  |  | $ | 10,800 |
Customer relationships | 46,500 |  |  | 46,500 |
Total intangible assets acquired | 57,300 |  |  | 57,300 |
Accumulated amortization: |  |  |
Trademark/trade name | (720) |  |  | (180) |
Customer relationships | (3,100) |  |  | (775) |
Total accumulated amortization | (3,820) |  |  | (955) |
Intangible assets — net | $ | 53,480 |  |  | $ | 56,345 |
The average amortization period for our remaining intangible assets is approximately 9.3 years. Estimated remaining amortization expense for each of the subsequent fiscal years is expected to be as follows:
(in thousands) |
Year | Estimated future amortization expense
2023 | $ | 2,865 |
2024 | 5,730 |
2025 | 5,730 |
2026 | 5,730 |
2027 and beyond | 33,425 |
Total | $ | 53,480 |

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- Definition The entire disclosure for all or part of the information related to intangible assets. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//350-30/tableOfContent + Details
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