Intangible Assets and Deferred Charges

9 Months Ended

Sep. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

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 balances of intangible assets subject to amortization are as follows:


(in thousands)	September 30, 2021		December 31, 2020
Intangible assets, gross	$	30,866	$	30,866
Accumulated amortization of intangible assets	(21,481)		(19,440)
Intangible assets, net	$	9,385	$	11,426

Estimated amortization expense related to intangible assets for the next five years are as follows:


(in thousands)
Remainder of 2021	$	680
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 nine months ended September 30, 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)	September 30, 2021		December 31, 2020
Deferred charges, gross	$	398	$	792
Accumulated amortization of deferred charges	(71)		(337)
Deferred charges, net	$	327	$	455