Intangibles

3 Months Ended

Mar. 31, 2025

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 March 31, 2025. The carrying amount of customer relationships were as follows:

			(Unaudited)
	December 31,		March 31,
(in thousands)	2024		2025
Gross carrying value of customer relationships	$	1,555,000		1,555,000
Accumulated amortization of customer relationships		(410,241)		(427,909)
Customer relationships	$	1,144,759		1,127,091

Future amortization expense as of March 31, 2025 is as follows (in thousands):

Remainder of year ending December 31, 2025	$	53,004
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	$	1,127,091