Other Intangible, Net and Goodwill

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2023. The $101.1 million of other intangibles, net recorded in the consolidated balance sheet at June 30, 2023 includes $31.6 million of indefinite lived trade name intangible assets, not subject to amortization, along with $69.5 million finite lived intangible assets, net. Amortization expense of $1.3 million and $0.6 million for the three months ended June 30, 2023 and 2022, respectively, was included in depreciation and amortization in the consolidated statements of comprehensive income. Amortization expense

of $2.6 million and $1.2 million for the six months ended June 30, 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 June 30, 2023:

	Amortization period (years)	Gross Amount		Accumulated Amortization		Net finite intangible assets
		(in thousands)
Customer relationships	15-20	$	75,836	$	10,538	$	65,298
Trade name	0.5-10	12,900		9,940		2,960
Covenants not to compete	1-10	5,839		4,621		1,218
		$	94,575	$	25,099	$	69,476

The carrying amount of goodwill was $320.7 million at June 30, 2023 and December 31, 2022, respectively.