Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill and Intangible Assets

Goodwill represents the excess of cost over the fair value of net identifiable tangible and intangible assets acquired in business combinations. There were no changes in the carrying amount of goodwill by segment for the three months ended March 31, 2024.

The following table presents acquired intangible assets (in thousands):

	March 31, 2024						December 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer relationships	$	80,200	$	(15,994)	$	64,206	$	80,200	$	(13,989)	$	66,211
Trade names	24,600		(4,847)		19,753		24,600		(4,334)		20,266
Total intangible assets	$	104,800	$	(20,841)	$	83,959	$	104,800	$	(18,323)	$	86,477

Amortization expense on intangible assets was $2.5 million and $2.8 million for the three months ended March 31, 2024 and 2023, respectively, and is reported in depreciation and amortization on the consolidated statements of income. As of March 31, 2024, we estimate future amortization expense for intangible assets will be $7.6 million for the remainder of 2024, and $10.1 million for each of the five succeeding fiscal years.