Intangible Assets, Net

12 Months Ended

Dec. 31, 2024

Intangible Assets, Net

Intangible Assets, Net

Note 11. Intangible Assets, Net

The following table summarizes intangible assets, net as of December 31, 2024 and 2023:

	December 31, 2024
			Accumulated
(Thousands)	Cost		Amortization		Net
Customer relationships	$	148,648	$	(34,197)	$	114,451
Favorable lease asset		220		(209)		11
Software		1,243		(826)		417
Intangible assets, net	$	150,111	$	(35,232)	$	114,879

	December 31, 2023
			Accumulated
(Thousands)	Cost		Amortization		Net
Customer relationships	$	148,648	$	(26,487)	$	122,161
Favorable lease asset		790		(413)		377
Software		1,079		(672)		407
Intangible assets, net	$	150,517	$	(27,572)	$	122,945

Amortization expense of intangible assets was $8.1 million, $8.2 million and $6.8 million for the years ended December 31, 2024, 2023 and 2022, respectively. As of December 31, 2024, the weighted average useful life for definite-lived intangibles is approximately 20 years.

The estimated amortization expense for intangible assets subject to amortization over the next five years is:

(Thousands)
2025	$	7,816
2026		7,805
2027		7,805
2028		7,780
2029		7,746
Thereafter		75,927
Total	$	114,879