Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2023

GOODWILL AND OTHER INTANGIBLE ASSETS

The carrying value of goodwill as of December 31, 2023 and 2022 was as follows:


(in thousands)	Regulated Energy		Unregulated Energy		Total Goodwill
Balance at December 31, 2022	$	7,689	$	38,524	$	46,213
Additions (1)	461,025		936		461,961
Balance at December 31, 2023	$	468,714	$	39,460	$	508,174

(1) 2023 additions primarily attributable to goodwill from the November 2023 acquisition of FCG. See Note 4 for additional details.

There were no goodwill impairments recognized during the three-year period ended December 31, 2023.

The carrying value and accumulated amortization of intangible assets subject to amortization as of December 31, 2023 and 2022 was as follows:


	As of December 31,
	2023				2022
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Customer relationships	$	17,004	$	7,146	$	16,965	$	6,131
Non-Compete agreements	3,125		1,855		3,105		1,411
Patents (1)	6,558		859		5,819		533
Other	270		232		270		225
Total	$	26,957	$	10,092	$	26,159	$	8,300

(1) Includes amounts related to patented technology developed by Marlin Gas Services and the acquisition of Planet Found.

The customer relationships, non-compete agreements, patents and other intangible assets acquired in the purchases of the operating assets of several companies are being amortized over a weighted average of 14 years. Amortization expense of intangible assets for the year ended December 31, 2023, 2022 and 2021 was $1.8 million, $1.5 million and $1.3 million, respectively. Amortization expense of intangible assets is expected to be $1.8 million for the years 2024 through 2025, $1.6 million for 2026, $1.5 million for 2027