Annual report pursuant to Section 13 and 15(d)

CUSTOMER CONTRACTS, TRADENAMES AND TRADEMARKS, AND OTHER INTANGIBLE ASSETS

v3.25.0.1
CUSTOMER CONTRACTS, TRADENAMES AND TRADEMARKS, AND OTHER INTANGIBLE ASSETS
 12 Months Ended
Dec. 31, 2024
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, 2024 2023
(in thousands)
Customer contracts $ 671,242  $ 625,920 
Less: accumulated amortization (288,150) (239,768)
Customer contracts, net $ 383,092  $ 386,152 
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 $137.8 million and $139.7 million as of December 31, 2024 and 2023, respectively.
The carrying amount and accumulated amortization for trademarks and tradenames were as follows:
December 31, 2024 2023
(in thousands)
Trademarks and tradenames $ 162,375  $ 161,301 
Less: accumulated amortization (12,480) (9,933)
Trademarks and tradenames, net $ 149,895  $ 151,368 
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, 2024 2023
(in thousands)
Other intangible assets $ 26,507  $ 26,973 
Less: accumulated amortization (17,905) (18,759)
Other intangible assets, net $ 8,602  $ 8,214 
Total amortization expense was approximately $79.2 million in 2024, $66.5 million in 2023 and $55.7 million in 2022.
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)
2025 $ 80,127 
2026 77,120 
2027 73,457 
2028 62,299 
2029 48,399