Intangibles

12 Months Ended

Dec. 31, 2024

Intangibles

Intangibles

(3)  Intangibles

All customer relationships are subject to amortization and are amortized over a weighted-average period of 17 years, which reflects the remaining economic life of the relationships as of December 31, 2024. The Company recorded amortization expense of $71 million for each of the years ended December 31, 2022, 2023 and 2024.

The carrying amount of customer relationships were as follows:

	December 31,
(in thousands)	2023		2024
Gross carrying value of customer relationships	$	1,555,000		1,555,000
Accumulated amortization of customer relationships		(339,569)		(410,241)
Customer relationships	$	1,215,431		1,144,759

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

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
Year ending December 31, 2029		70,672
Thereafter		791,399
Total	$	1,144,759