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Intangible Assets
9 Months Ended
Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets Intangible Assets
The Company accounts for intangible assets in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 350, Goodwill and Other Intangible Assets, which requires that intangibles with indefinite useful lives be tested annually for impairment, or when management deems there is a triggering event, and those with finite useful lives be amortized over their useful lives.
Details of the Company’s intangible assets are as follows:
September 30, 2023December 31, 2022
(In thousands)Gross Carrying
Amount
Accumulated
Amortization
Gross Carrying
Amount
Accumulated
Amortization
Assets eligible for amortization:     
Customer lists $6,470 $(4,778)$6,470 $(4,561)
Patents 72 (35)72 (32)
Software 3,212 (1,827)3,212 (1,508)
Trade name 373 (63)373 (42)
Other 500 (384)500 (358)
Unamortized intangible assets:
Goodwill 17,309 — 17,309 — 
Total intangible assets $27,936 $(7,087)$27,936 $(6,501)
The customer lists are amortized over 7 to 10 years; the patents over 18 years; software over 3 to 7 years; the trade names over 10 to 20 years; and other intangible assets over 15 years. Amortization of intangible assets amounted to $195,000 for the three month periods ended September 30, 2023 and 2022. Amortization of intangible assets amounted to $585,000 and $485,000 for the nine-month periods ended September 30, 2023 and 2022, respectively. Estimated annual amortization of intangibles is $780,000 in 2023, $738,000 in 2024, $730,000 in 2025, $582,000 in 2026, and $262,000 in 2027.