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Intangible Assets
12 Months Ended
Dec. 31, 2021
Goodwill And Intangible Assets Disclosure [Abstract]  
Intangible Assets

NOTE 10. INTANGIBLE ASSETS

Intangible assets consist of the following:

 

(dollar amounts in thousands)

 

Estimated

useful life

in years

 

Average remaining life in years

 

 

Cost

 

 

Accumulated amortization

 

 

Net book value

 

December 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer relationships

 

8 to 11

 

7.3

 

 

$

50,285

 

 

$

(12,991

)

 

$

37,294

 

Non-compete agreements

 

5

 

 

    4.2

 

 

 

3,296

 

 

 

(499

)

 

$

2,797

 

Customer backlog

 

0.5

 

 

 

 

1,900

 

 

 

(1,900

)

 

$

 

Trade name

 

8

 

 

7.3

 

 

 

1,200

 

 

 

(113

)

 

$

1,087

 

   Total amortizing

 

 

 

 

 

 

 

 

56,681

 

 

 

(15,503

)

 

 

41,178

 

Trade name - non-amortizing

 

Indefinite

 

 

 

 

 

 

5,871

 

 

 

 

 

$

5,871

 

   Total

 

 

 

 

 

 

 

$

62,552

 

 

$

(15,503

)

 

$

47,049

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer relationships

 

11

 

6.8

 

 

$

10,644

 

 

$

(9,510

)

 

$

1,134

 

Non-compete agreements

 

5

 

3.6

 

 

 

157

 

 

 

(44

)

 

$

113

 

   Total amortizing

 

 

 

 

 

 

 

 

10,801

 

 

 

(9,554

)

 

 

1,247

 

Trade name - non-amortizing

 

Indefinite

 

 

 

 

 

 

5,871

 

 

 

 

 

$

5,871

 

   Total

 

 

 

 

 

 

 

$

16,672

 

 

$

(9,554

)

 

$

7,118

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Intangible assets with finite useful lives are amortized over their respective useful lives.  Amortization expense in the years ended December 31, 2021, 2020 and 2019 was $5.9 million, $0.2 million and $0.9 million, respectively.  Based on the carrying values at December 31, 2021 and assuming no subsequent impairment of the underlying assets, the annual amortization is expected to be $5.9 million in 2022 through 2025, $5.4 million in 2026 and $5.2 million in 2027.