v3.25.1
Intangible Assets, Net
3 Months Ended
Mar. 31, 2025
Intangible Assets, Net  
Intangible Assets, Net

Note 8. Intangible Assets, Net

The following table summarizes intangible assets, net as of March 31, 2025 and December 31, 2024:

March 31, 2025

Accumulated

(Thousands)

    

Cost

    

Amortization

    

Net

Customer relationships

$

148,648

$

(36,124)

$

112,524

Favorable lease asset

220

(220)

Software

1,153

(824)

329

Intangible assets, net

$

150,021

$

(37,168)

$

112,853

December 31, 2024

Accumulated

(Thousands)

    

Cost

    

Amortization

    

Net

Customer relationships

$

148,648

$

(34,197)

$

114,451

Favorable lease asset

220

(209)

11

Software

1,243

(826)

417

Intangible assets, net

$

150,111

$

(35,232)

$

114,879

Amortization expense of intangible assets was $2.0 million and $2.0 million for the three months ended March 31, 2025 and 2024, respectively. As of March 31, 2025, the weighted average useful life for definite-lived intangibles is approximately 20 years.