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Intangible Assets and Deferred Charges | 3 Months Ended
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Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract] |
Intangible Assets and Deferred Charges | Intangible Assets and Deferred Charges Intangible assets represent the fair value of intellectual, non-physical assets resulting from business acquisitions and are amortized over their estimated useful life using either an accelerated or straight-line method over a period of eight to 15 years. The balance of intangible assets subject to amortization are as follows:
(in thousands) | March 31, 2021 |  | December 31, 2020
Intangible assets, gross | $ | 30,866 |  |  | $ | 30,866 |
Accumulated amortization of intangible assets | (20,120) |  |  | (19,440) |
Intangible assets, net | $ | 10,746 |  |  | $ | 11,426 |
Estimated amortization expense related to intangible assets for the next five years are as follows:
(in thousands) |  |  |  |
Remainder of 2021 | $ | 2,041 |  |  |  |
2022 | 2,501 |  |  |  |
2023 | 1,050 |  |  |  |
2024 | 952 |  |  |  |
2025 | 855 |  |  |  |
2026 | 758 |  |  |  |
Thereafter | 2,589 |  |  |  |
Deferred Charges Deferred charges represent debt issuance costs and are amortized over their estimated useful lives using the straight-line method over a period of four years. On January 15, 2021, the Company and its subsidiaries entered into a new Credit Agreement (the "Credit Agreement") with BMO Harris Bank, N.A ("BMO") providing the Company with a new four-year revolving credit facility and replacing the Company's previous asset based revolving line of credit and term loan with Truist Bank ("Truist"). The Company accounted for this refinance as a debt extinguishment and, as a result, $0.2 million of unamortized debt issuance costs associated with the Company's previously existing bank debt were written off as a loss on extinguishment of debt during the three months ended March 31, 2021. See Note 7 for additional information on the Company's new Credit Agreement. The balance of deferred charges subject to amortization are as follows:
(in thousands) | March 31, 2021 |  | December 31, 2020
Deferred charges, gross | $ | 388 |  |  | $ | 792 |
Accumulated amortization of deferred charges | (21) |  |  | (337) |
Deferred charges, net | $ | 367 |  |  | $ | 455 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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