v3.25.1
Intangible Assets
 3 Months Ended
Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets Intangible Assets
Intangible assets consist of customer relationships, trademark/trade names, and favorable contracts. Trademark/trade names are amortized on a straight‑line basis over useful lives of ten and fifteen years. Customer relationships are amortized on a straight‑line basis over useful lives of six and ten years. Favorable contracts are amortized on a straight‑line basis over useful lives of thirty months and five years. Internally developed software will be amortized on a straight‑line basis over a useful life of twenty-nine months. Amortization expense included in net income for the three months ended March 31, 2025 was $2.4 million. Amortization expense included in net income for the three months ended March 31, 2024 was $1.4 million. The Company’s intangible assets subject to amortization consisted of the following:
(in thousands)
March 31, 2025December 31, 2024
Intangible assets acquired:
Trademark/trade names$12,100 $12,100 
Customer relationships65,100 65,100 
Favorable contracts2,210 2,210 
Internally developed software81 60 
Total intangible assets acquired79,491 79,470 
Accumulated amortization:
Trademark/trade name(2,682)(2,390)
Customer relationships(13,821)(11,883)
Favorable contracts(417)(292)
Internally developed software(7)— 
Total accumulated amortization(16,927)(14,565)
Intangible assets — net
$62,564 $64,905 
Estimated remaining amortization expense for each of the subsequent fiscal years is expected to be as follows:
(in thousands)
YearEstimated future amortization expense
2025$7,088 
20269,441 
20279,315 
20289,301 
2029 and beyond27,419 
Total$62,564 
The average amortization period for our remaining intangible assets is approximately 7.0 years.