Intangible Assets

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

9.Intangible Assets

The tables below present the activity and amortization of finite-lived intangible assets:

	September 30,		December 31,
	2023		2022
Finite-lived intangible assets, beginning of period	$	35,240	$	35,240
Additions		—		—
Total finite-lived intangible assets, end of period	$	35,240	$	35,240
Accumulated amortization, beginning of period	$	(34,815)	$	(33,576)
Current year amortization		(383)		(1,239)
Total accumulated amortization		(35,198)		(34,815)
Net finite-lived intangible assets, end of period	$	42		425
Infinite-lived intangible assets		6,892		6,892
Total net intangible assets	$	6,934	$	7,317

Remaining net finite-lived intangible assets were acquired as part of the purchase of TAS during 2015 and TBC during 2017 and included customer relationships. Customer relationships were valued at approximately $18.8 million and are being amortized over eight years using an accelerated method based on the pattern in which the economic benefits of the assets are consumed. For the three months ended September 30, 2023 and 2022, $0.1 million and $0.3 million, respectively, of amortization expense was recognized for these assets. For the nine months ended September 30, 2023 and 2022, $0.4 million and $0.9 million, respectively, of amortization expense was recognized for these assets. The remaining future amortization expense will be amortized through fiscal year 2024.

The most recent annual impairment test of the Company’s indefinite-lived intangible asset concluded that the fair value of the trade name was in excess of the carrying value, therefore no impairment was recorded.