Intangible Assets

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

NOTE 8 – INTANGIBLE ASSETS

The Company’s finite-lived intangible assets as of September 30, 2023 and December 31, 2022 are summarized in the following table.

As of September 30, 2023	Gross Carrying Amount		Accumulated Amortization			Currency Translation			Net Carrying Amount		Remaining Weighted Average Amortization Period
(Dollars in thousands)
Customer relationships	$	167,000	$	(129,208	)	$	(1,198	)	$	36,594	1-5

Year Ended December 31, 2022	Gross Carrying Amount		Accumulated Amortization			Currency Translation			Net Carrying Amount		Remaining Weighted Average Amortization Period
(Dollars in thousands)
Customer relationships	$	167,000	$	(114,595	)	$	(908	)	$	51,497	1-6

Amortization expense for these intangible assets was $4.9 million and $4.5 million for the three months ended September 30, 2023 and 2022, respectively. Amortization expense for these intangible assets was $14.6 million and $16.3 million for the nine months ended September 30, 2023 and 2022, respectively. The anticipated annual amortization expense for these intangible assets is $19.0 million for 2023 and 2024, $9.3 million for 2025, $2.4 million for 2026, and $1.0 million for 2027.