Goodwill and Other Intangible Assets, net

3 Months Ended

Mar. 31, 2024

Goodwill and Other Intangible Assets, net

Goodwill and Other Intangible Assets, net

5. Goodwill and Other Intangible Assets, net

The financial statements reflect goodwill from previous acquisitions that is all attributable to the HFS – South business segment and reporting unit.

Changes in the carrying amount of goodwill were as follows:

	HFS - South
Balance at January 1, 2023	$	41,038
Changes in Goodwill		-
Balance at December 31, 2023		41,038
Changes in Goodwill		-
Balance at March 31, 2024	$	41,038

Intangible assets other than goodwill at the dates indicated below consisted of the following:

	March 31, 2024
	Weighted	Gross
	average	Carrying		Accumulated		Net Book
	remaining lives	Amount		Amortization		Value
Intangible assets subject to amortization
Customer relationships	3.6	$	133,105	$	(86,851)	$	46,254
Non-compete agreement	3.8		349		(84)		265
Total			133,454		(86,935)		46,519
Indefinite lived assets:
Tradenames			16,400		—		16,400
Total intangible assets other than goodwill		$	149,854	$	(86,935)	$	62,919

	December 31, 2023
	Weighted	Gross
	average	Carrying		Accumulated		Net Book
	remaining lives	Amount		Amortization		Value
Intangible assets subject to amortization
Customer relationships	3.9	$	133,105	$	(83,505)	$	49,600
Non-compete agreement	4.1		349		(67)		282
Total			133,454		(83,572)		49,882
Indefinite lived assets:
Tradenames			16,400		—		16,400
Total intangible assets other than goodwill		$	149,854	$	(83,572)	$	66,282

For the three months ended March 31, 2024 and 2023, amortization expense related to intangible assets was $3.4 million and $3.3 million, respectively and is included in other depreciation and amortization in the consolidated statements of comprehensive income.

The estimated aggregate amortization expense as of March 31, 2024 for each of the next five years and thereafter is as follows:

Rest of 2024	$	10,112
2025		13,475
2026		12,879
2027		8,270
2028		778
Thereafter		1,005
Total	$	46,519