Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2022

GOODWILL AND OTHER INTANGIBLE ASSETS

The carrying value of goodwill as of December 31, 2022 and 2021 was as follows:


(in thousands)	Regulated Energy		Unregulated Energy		Total Goodwill
Balance at December 31, 2021	$	7,689	$	37,019	$	44,708
Additions (1)	—		1,505		1,505
Balance at December 31, 2022	$	7,689	$	38,524	$	46,213

(1)Includes goodwill from the purchase of operating assets of Planet Found in the fourth quarter of 2022.

The annual impairment testing for the years 2022 and 2021 indicated no impairment of goodwill.

The carrying value and accumulated amortization of intangible assets subject to amortization as of December 31, 2022 and 2021 are as follows:


	As of December 31,
	2022				2021
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Customer relationships (1)	$	16,965	$	6,131	$	16,814	$	5,125
Non-Compete agreements	3,105		1,411		2,431		1,078
Patents (2)(3)	5,819		533		452		354
Other	270		225		270		218
Total	$	26,159	$	8,300	$	19,967	$	6,775

(1) The customer relationship amounts include $6.1 million as a result of the purchase of Diversified Energy in December 2021.

(2) The patents amount include $3.7 million as a result of the purchase of the operating assets of Planet Found in October 2022.

(3) Includes amounts related to patented technology developed by Marlin Gas Services and the acquisition of Planet Found.

The customer relationships, non-compete agreements, patents and other intangible assets acquired in the purchases of the operating assets of several companies are being amortized over a weighted average of 14 years. Amortization expense of intangible assets for the year ended December 31, 2022, 2021 and 2020 was $1.5 million, $1.3 million and $1.2 million, respectively. Amortization expense of intangible assets is expected to be $1.8 million for the years 2023 through 2025, $1.5 million for 2026 and $1.4 million for 2027.