XML 21 R11.htm IDEA: XBRL DOCUMENT

Intangible Assets

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

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