Intangibles

12 Months Ended

Dec. 31, 2023

Intangibles

Intangibles

(3)  Intangibles

All customer relationships are subject to amortization and are amortized over a weighted-average period of 18 years, which reflects the remaining economic life of the relationships as of December 31, 2023. The Company recorded amortization expense of $71 million for each of the years ended December 31, 2021, 2022 and 2023.

The carrying amount of customer relationships were as follows:

	December 31,
(in thousands)	2022		2023
Gross carrying value of customer relationships	$	1,555,000		1,555,000
Accumulated amortization of customer relationships		(268,897)		(339,569)
Customer relationships	$	1,286,103		1,215,431

Future amortization expense as of December 31, 2023 is as follows (in thousands):

Year ending December 31, 2024	$	70,672
Year ending December 31, 2025		70,672
Year ending December 31, 2026		70,672
Year ending December 31, 2027		70,672
Year ending December 31, 2028		70,672
Thereafter		862,071
Total	$	1,215,431