Intangible Assets and Goodwill

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

Intangible Assets and Goodwill

All intangible assets determined to have finite lives are amortized over their estimated useful lives. The useful life of an intangible asset is the period over which the asset is expected to contribute directly or indirectly to future cash flows. There was no change in the gross amount of identifiable intangible assets during the twelve months ended December 31, 2020. Amortization expense of $2.4 million, $2.7 million and $2.5 million for the twelve months ended December 31, 2020, 2019 and 2018, respectively, was included in depreciation and amortization in the consolidated statements of comprehensive income. Intangible assets subject to amortization consisted of the following at December 31, 2020 and 2019:

	2020
	Amortization period (years)	Gross Amount		Accumulated Amortization		Net intangible assets
		(in thousands)
Customer relationships	15-20	$	23,000	$	4,531	$	18,469
Tradename	0.5-10	12,900		8,740		4,160
Covenants not to compete	1-10	5,300		3,183		2,117
		$	41,200	$	16,454	$	24,746

	2019
	Amortization period (years)	Gross Amount		Accumulated Amortization		Net intangible assets
		(in thousands)
Customer relationships	15-20	$	23,000	$	3,221	$	19,779
Tradename	0.5-10	12,900		8,260		4,640
Covenants not to compete	1-10	5,300		2,583		2,717
		$	41,200	$	14,064	$	27,136

Future amortization expense for intangible assets is estimated at $2.4 million for 2021, $2.3 million for 2022, $2.2 million for 2023, $1.9 million for 2024, and $1.9 million for 2025.

Changes in carrying amount of goodwill during the twelve months ended December 31, 2020 and December 31, 2019 were as follows:

	(in thousands)
Balance at December 31, 2018	$	132,410
Acquisition	35,885
Balance at December 31, 2019	$	168,295
Acquisition	—
Balance at December 31, 2020	$	168,295