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Goodwill and Other Intangible Assets | 3 Months Ended
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Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | 6. Goodwill and Other Intangible Assets The components of goodwill and other intangible assets were as follows (in thousands):
March 31, 2025 (Unaudited) |  | Estimated Useful Life |  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net |
Finite lived intangible assets: |  |  |  |  |  |  |  |  |  |  |
Customer relationships |  | 5 years |  | $ | 20,685 |  |  | $ | 15,063 |  |  | $ | 5,622 |
Software |  | 7 years |  |  | 6,200 |  |  |  | 2,552 |  |  |  | 3,648 |
Trademarks |  | 7 years |  |  | 2,026 |  |  |  | 1,019 |  |  |  | 1,007 |
Non-compete agreements |  | 3 years |  |  | 2,250 |  |  |  | 2,250 |  |  |  | — |
Total finite lived intangible assets |  |  |  | $ | 31,161 |  |  | $ | 20,884 |  |  | $ | 10,277 |
December 31, 2024 |  | Estimated Useful Life |  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net |
Finite lived intangible assets: |  |  |  |  |  |  |  |  |  |  |
Customer relationships |  | 5 years |  | $ | 25,805 |  |  | $ | 17,188 |  |  | $ | 8,617 |
Software |  | 7 years |  |  | 5,518 |  |  |  | 2,271 |  |  |  | 3,247 |
Trademarks |  | 7 years |  |  | 2,026 |  |  |  | 947 |  |  |  | 1,079 |
Non-compete agreements |  | 3 years |  |  | 2,250 |  |  |  | 2,247 |  |  |  | 3 |
Total finite lived intangible assets |  |  |  | $ | 35,599 |  |  | $ | 22,653 |  |  | $ | 12,946 |
March 31, 2025 (Unaudited) and December 31, 2024 |  | Estimated Useful Life |  | Carrying Amount |
Indefinite lived intangible asset: |  |  |  |  |
Goodwill |  | Indefinite |  | $ | 81,065 |
We compute amortization using the straight-line method over the useful lives of the finite lived intangible assets. Amortization expense related to finite lived intangible assets was $1.5 million and $2.3 million for the three months ended March 31, 2025 and 2024, respectively. We have no indefinite-lived intangible assets other than goodwill. $66.1 million of the goodwill is not deductible for tax purposes, while $15.0 million of goodwill is deductible over its tax-basis life. We review our finite-lived intangible assets periodically for indicators of impairment. During the three months ended March 31, 2025, following certain customer activity, we evaluated the customer relationship intangible asset balance for recoverability and noted the unamortized balance of the intangible was not recoverable. Accordingly, we performed an impairment test for the intangible using a discounted cash flow analysis and internal forecasts (Level 3 inputs) to determine the fair value of the asset. The carrying value of the intangible asset exceeded its fair value, which resulted in an impairment charge of $1.7 million for the three months ended March 31, 2025.

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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