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Intangible Assets, Net

9 Months Ended

12 Months Ended

Sep. 30, 2022

Dec. 31, 2021

Intangible Assets, Net

Intangible Assets, Net

Note 9. Intangible Assets, Net

The following table summarizes intangible assets, net as of September 30, 2022 and December 31, 2021:

​

​	​	​	​	​	​	​	​	​	​
​	​	September 30, 2022
​	​	​		​	Accumulated		​	​
(Thousands)		Cost			Amortization			Net
Customer relationships	​	$	137,500	​	$	(17,036)	​	$	120,464
Favorable lease asset	​	​	220	​	​	(112)	​	​	108
Software	​	​	890	​	​	(513)	​	​	377
Intangible assets, net	​	$	138,610	​	$	(17,661)	​	$	120,949

​

​	​	​	​	​	​	​	​	​	​
​	​	December 31, 2021
​	​	​		​	Accumulated		​	​
(Thousands)		Cost			Amortization			Net
Customer relationships	​	$	137,500	​	$	(12,091)	​	$	125,409
Favorable lease asset	​	​	220	​	​	(79)	​	​	141
Software	​	​	758	​	​	(394)	​	​	364
Intangible assets, net	​	$	138,478	​	$	(12,564)	​	$	125,914

​

Amortization expense of intangible assets was $1.7 million and $5.0 million for the three and nine months ended September 30, 2022, respectively, and amortization expense of intangible assets was $1.7 million and $5.0 million for the three and nine months ended September 30, 2021, respectively. As of September 30, 2022, the weighted average useful life for definite-lived intangibles is approximately 20 years.

Note 11. Intangible Assets, Net

The following table summarizes intangible assets, net as of December 31, 2021 and 2020:

​

​	​	​	​	​	​	​	​	​	​
​	​	December 31, 2021
​	​	​		​	Accumulated		​	​
(Thousands)		Cost			Amortization			Net
Customer relationships	​	$	137,500	​	$	(12,091)	​	$	125,409
Favorable lease asset	​	​	220	​	​	(79)	​	​	141
Software	​	​	758	​	​	(394)	​	​	364
Intangible assets, net	​	$	138,478	​	$	(12,564)	​	$	125,914

​

​	​	​	​	​	​	​	​	​	​
​	​	December 31, 2020
​	​	​		​	Accumulated		​	​
(Thousands)		Cost			Amortization			Net
Customer relationships	​	$	137,500	​	$	(5,496)	​	$	132,004
Favorable lease asset	​	​	220	​	​	(36)	​	​	184
Software	​	​	436	​	​	(285)	​	​	151
Intangible assets, net	​	$	138,156	​	$	(5,817)	​	$	132,339

​

Amortization expense of intangible assets was $6.7 million and $5.6 million for the years ended December 31, 2021 and 2020, respectively. As of December 31, 2021, the weighted average useful life for definite-lived intangibles is approximately 20 years.

The estimated amortization expense for intangible assets subject to amortization over the next five years is:

​

​	​	​	​
(Thousands)		​	​
2022	​	$	6,808
2023	​	​	6,712
2024	​	​	6,681
2025	​	​	6,616
2026	​	​	6,606
Thereafter	​	​	92,491
Total	​	$	125,914

​

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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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 30
-URI https://asc.fasb.org/subtopic&trid=2144471

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- References

No definition available.

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