Annual report pursuant to Section 13 and 15(d)

CUSTOMER CONTRACTS, TRADENAMES AND TRADEMARKS, AND OTHER INTANGIBLE ASSETS

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CUSTOMER CONTRACTS, TRADENAMES AND TRADEMARKS, AND OTHER INTANGIBLE ASSETS
 12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
CUSTOMER CONTRACTS, TRADENAMES AND TRADEMARKS, AND OTHER INTANGIBLE ASSETS CUSTOMER CONTRACTS, TRADENAMES AND TRADEMARKS, AND OTHER INTANGIBLE ASSETS
Customer contracts are amortized on a straight-line basis as this best approximates the ratio that current revenues bear to the total of current and anticipated revenues based on the estimated lives of the assets. In accordance with the FASB ASC Topic 350 “Intangibles - Goodwill and other”, the expected lives of customer contracts were analyzed, and it was determined that customer contracts should be amortized over a life of 7 to 20 years dependent upon customer type.
The carrying amount and accumulated amortization for customer contracts were as follows:
December 31, 2023 2022
(in thousands)
Customer contracts $ 625,920  $ 502,689 
Less: accumulated amortization (239,768) (204,130)
Customer contracts, net $ 386,152  $ 298,559 
The net carrying amount of customer contracts in foreign countries was $48.0 million as of December 31, 2023 and $46.1 million as of December 31, 2022.
Trademarks and tradenames are amortized on a straight-line basis over the period of their useful lives. The Company has determined these assets have useful lives between 7 and 20 years. The Company also has non-amortizable, indefinite-lived tradenames of $139.7 million and $104.3 million as of December 31, 2023 and 2022, respectively.
The carrying amount and accumulated amortization for trademarks and tradenames were as follows:
December 31, 2023 2022
(in thousands)
Trademarks and tradenames $ 161,301  $ 121,655 
Less: accumulated amortization (9,933) (10,009)
Trademarks and tradenames, net $ 151,368  $ 111,646 
The net carrying amount of trademarks and tradenames in foreign countries was $4.8 million as of December 31, 2023 and $4.2 million as of December 31, 2022.
Other intangible assets include non-compete agreements and patents. Non-compete agreements are amortized on a straight-line basis over periods ranging from 3 to 20 years and patents are amortized on a straight-line basis over 15 years.
The carrying amount and accumulated amortization for other intangible assets were as follows:
December 31, 2023 2022
(in thousands)
Other intangible assets $ 26,973  $ 25,357 
Less: accumulated amortization (18,759) (16,814)
Other intangible assets, net $ 8,214  $ 8,543 
The net carrying amount of other intangible assets in foreign countries was $0.9 million as of December 31, 2023 and $0.7 million as of December 31, 2022.
Total amortization expense was approximately $66.5 million in 2023, $55.7 million in 2022 and $46.0 million in 2021.
Estimated amortization expense for the existing carrying amount of customer contracts and other intangible assets for each of the five succeeding fiscal years are as follows:
(in thousands)
2024 $ 77,633 
2025 68,810 
2026 65,043 
2027 61,177 
2028 59,166