Intangibles and Goodwill

9 Months Ended

Sep. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

The balance of goodwill was $309.6 million as of September 30, 2020 and December 31, 2019, as no changes occurred during the period.

The following is a summary of amortizable intangible assets as of September 30, 2020 and December 31, 2019 (in thousands):


	September 30, 2020						December 31, 2019
	Cost		Accumulated Amortization		Net		Cost		Accumulated Amortization		Net
Customer relationships	$	150,239	$	(74,352)	$	75,887	$	150,239	$	(67,317)	$	82,922
Carrier relationships	18,300		(5,741)		12,559		18,300		(4,934)		13,366
Non-compete agreements	5,239		(4,206)		1,033		5,239		(3,765)		1,474
Trade names	5,640		(5,640)		—		5,640		(5,640)		—
	$	179,418	$	(89,939)	$	89,479	$	179,418	$	(81,656)	$	97,762

Note: Amounts may not foot due to rounding.

The customer relationships are being amortized using an accelerated method over their estimated weighted-average useful life of 14.8 years, as an accelerated method best approximates the distribution of cash flows generated by the acquired customer relationships. The carrier relationships, non-compete agreements and trade names are being amortized using the straight-line method over their estimated weighted-average useful lives of 17.0 years, 6.7 years and 4.0 years, respectively. Amortization expense related to intangible assets was $2.7 million and $2.8 million for the three months ended September 30, 2020 and 2019, respectively. Amortization expense was $8.3 million and $9.0 million for the nine months ended September 30, 2020 and 2019, respectively.

The estimated amortization expense for the next five years and thereafter is as follows (in thousands):


Remainder of 2020	$	2,691
2021	10,362
2022	10,005
2023	9,501
2024	8,897
Thereafter	48,023
Total	$	89,479