Annual report [Section 13 and 15(d), not S-K Item 405]

Intangible Assets

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Intangible Assets
12 Months Ended
Dec. 31, 2024
Intangible Assets.  
Intangible Assets

6.Intangible Assets

All of our intangible assets are subject to amortization and substantially all are related to customer contracts acquired through acquisitions. The components of the intangible assets are as follows:

(in thousands)

    

December 31, 

December 31,

    

2024

2023

Gross Value

$

366,683

$

366,683

Accumulated Amortization

(171,460)

(134,406)

Net Carrying Value

$

195,223

$

232,277

Substantially all of the net carrying value of our intangible assets is attributable to contracts that expire in 2035.

The table below shows the expected amortization of intangible assets as of December 31, 2024:

(in thousands)

    

Amount

2025

$

35,215

2026

32,123

2027

27,893

2028

23,190

2029

18,648

Thereafter

58,154

Amortization expense totaled $37.1 million, $37.6 million and $36.7 million for the years ended December 31, 2024, 2023 and 2022, respectively.