Other Intangible, Net and Goodwill

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

Other Intangibles, Net and GoodwillAll 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 three months ended March 31, 2023. The $102.4 million of other intangibles, net recorded in the consolidated balance sheet at March 31, 2023 includes $31.6 million of indefinite lived trade name intangible assets, not subject to amortization, along with $70.8 million finite lived intangible assets. Amortization expense of $1.3 million and $0.6 million for the three months ended March 31, 2023 and 2022, respectively, was included in depreciation and amortization in the consolidated statements of comprehensive income.

Intangible assets subject to amortization consisted of the following at March 31, 2023:

	Amortization period (years)	Gross Amount		Accumulated Amortization		Net finite intangible assets
		(in thousands)
Customer relationships	15-20	$	75,836	$	9,490	$	66,346
Trade name	0.5-10	12,900		9,820		3,080
Covenants not to compete	1-10	5,839		4,479		1,360
		$	94,575	$	23,789	$	70,786

The carrying amount of goodwill was $320.7 million at March 31, 2023 and December 31, 2022, respectively.