INTANGIBLE ASSETS, NET

12 Months Ended

Dec. 31, 2022

Intangible Assets, net

Intangible Assets, net

NOTE 8. INTANGIBLE ASSETS, NET

Intangible assets include customer relationships associated with various business and asset acquisitions. These acquired intangible assets were recorded at fair value determined as of the date of acquisition and are being amortized over the period we expect to benefit from the assets.

Intangible assets, net is comprised of the following:

	December 31,
	2022		2021
Gross carrying amount	$	141,462	$	144,322
Accumulated amortization		(104,385)		(96,435)
Intangible assets, net	$	37,077	$	47,887

Intangible assets are amortized on a straight–line basis with estimated useful lives ranging from 15 to 25 years. Amortization expense was $8.9 million, $11.3 million and $15.6 million during the years ended December 31, 2022, 2021 and 2020, respectively.

Estimated amortization expense for each of the subsequent five fiscal years is expected to be as follows:

2023	$	6,890
2024		5,721
2025		3,595
2026		3,032
2027		2,157
Thereafter		15,682
Total	$	37,077