Intangible and Other Assets

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible and Other Assets

4. Intangible and Other Assets

The following table summarizes information related to finite-lived intangible assets:

		December 31, 2022												December 31, 2021
		Gross												Gross
		Carrying				Accumulated								Carrying				Accumulated
		Amount				Amortization				Net				Amount				Amortization				Net
Customer relationships		$	2,612,649			$	(1,362,311	)		$	1,250,338			$	2,612,649			$	(796,858	)		$	1,815,791
Non-competition agreements			63,176				(42,116	)			21,060				63,176				(21,059	)			42,117
Total		$	2,675,825			$	(1,404,427	)		$	1,271,398			$	2,675,825			$	(817,917	)		$	1,857,908

Future amortization expense for intangible assets in each of the next five years are expected to be $419 thousand for 2023, $278 thousand for 2024, $194 thousand for 2025, $130 thousand for 2026 and $86 thousand for 2027.

Other assets included $407,000 at December 31, 2021 for the Company’s option to purchase the facility located in Hopkinsville, Kentucky leased from Halcyon. Under this agreement, the Company had the option to purchase the facility on or before August 25, 2022, as amended, for a purchase price of $993 thousand. This agreement was not renewed upon its expiration. Impairment expense totaling $407 thousand was recognized in the third quarter of 2022 as a result.