Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill represents the excess of cost over the fair value of net identifiable tangible and intangible assets acquired in business combinations. There were no changes in the carrying amount of goodwill by segment for the six months ended June 30, 2025.

The following table presents acquired intangible assets (in thousands):


	June 30, 2025						December 31, 2024
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer relationships	$	80,200	$	(26,020)	$	54,180	$	80,200	$	(22,009)	$	58,191
Trade names	24,600		(7,408)		17,192		24,600		(6,384)		18,216
Total intangible assets	$	104,800	$	(33,428)	$	71,372	$	104,800	$	(28,393)	$	76,407

Amortization expense on intangible assets was $2.5 million and $5.0 million for the three and six months ended June 30, 2025 and 2024, respectively, and is reported in depreciation and amortization on the consolidated statements of income. As of June 30, 2025, we estimate future amortization expense for intangible assets will be $5.0 million for the remainder of 2025, and $10.1 million for each of the five succeeding fiscal years.