v3.25.4
Intangibles
12 Months Ended
Dec. 31, 2025
Intangibles  
Intangibles

(4)  Intangibles

All customer relationships are subject to amortization and are amortized over a weighted-average period of 16 years, which reflects the remaining economic life of the relationships as of December 31, 2025. The Company recorded amortization expense of $71 million for each of the years ended December 31, 2023, 2024 and 2025.

The carrying amount of customer relationships were as follows:

December 31,

(in thousands)

2024

  ​ ​ ​

2025

Gross carrying value of customer relationships

$

1,555,000

  ​ ​ ​

1,555,000

Accumulated amortization of customer relationships

(410,241)

(480,913)

Customer relationships

$

1,144,759

1,074,087

Future amortization expense as of December 31, 2025 is as follows (in thousands):

Year ending December 31, 2026

$

70,672

Year ending December 31, 2027

70,672

Year ending December 31, 2028

70,672

Year ending December 31, 2029

70,672

Year ending December 31, 2030

70,672

Thereafter

720,727

Total

$

1,074,087