Intangible assets are recorded at cost less accumulated amortization and impairment losses. Intangible assets acquired in a business combination are measured at fair value at the acquisition date. Amortization of definite life intangibles is provided on a straight-line basis over their estimated useful lives. The estimated useful lives, residual values, and amortization methods are reviewed at each year end, and any changes in estimates are accounted for prospectively.

At March 31, 2026 and December 31, 2025, intangible assets consisted of the following:


		March 31, 2026									December 31, 2025
		Gross Carrying Amount			Accumulated Amortization			Net Book Value			Gross Carrying Amount			Accumulated Amortization			Net Book Value
		(in thousands)									(in thousands)
Licenses and permits	$		681,749	$		258,066	$		423,683	$		682,639	$		246,669	$		435,970
Trademarks			1,430			1,069			361			1,430			1,027			403
Customer relationships			15,140			15,076			64			15,140			14,832			308
Total intangible assets	$		698,319	$		274,211	$		424,108	$		699,209	$		262,528	$		436,681

The Company recorded amortization expense for the three months ended March 31, 2026 and 2025 of $11,683 thousand and $12,574 thousand, respectively. As of March 31, 2026 and December 31, 2025, intangible assets are carried net of accumulated impairment losses of $31,131 thousand as of each period then ended.

The following table outlines the estimated annual amortization expense related to intangible assets as of March 31, 2026:


		Estimated Amortization
Year Ending December 31,		(in thousands)
Remainder of 2026	$	34,314
2027		45,667
2028		45,569
2029		45,500
2030		45,458
2031 and thereafter		207,600
	$	424,108

As of March 31, 2026, the weighted average amortization period remaining for intangible assets was 9.58 years.

At March 31, 2026 and December 31, 2025 the balances of goodwill, by segment, consisted of the following:


		March 31, 2026		December 31, 2025
		(in thousands)
Retail	$	276,955	$	277,342
Consumer packaged goods		314,809		314,809
Total	$	591,764	$	592,151

Goodwill is recognized net of accumulated impairment losses of $57,372 thousand as of March 31, 2026 and December 31, 2025, respectively. During the three months ended March 31, 2026 and 2025, there were no conditions present that would require consideration as to whether an impairment test was necessary.