Intangibles

3 Months Ended

Mar. 31, 2024

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 March 31, 2024. The carrying amount of customer relationships were as follows:

			(Unaudited)
	December 31,		March 31,
(in thousands)	2023		2024
Gross carrying value of customer relationships	$	1,555,000		1,555,000
Accumulated amortization of customer relationships		(339,569)		(357,237)
Customer relationships	$	1,215,431		1,197,763

Future amortization expense as of March 31, 2024 is as follows (in thousands):

Remainder of year ending December 31, 2024	$	53,004
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	$	1,197,763