| Intangible Assets |
8. INTANGIBLE ASSETS
The following is a summary of intangible assets as of December 31, 2024 and December 31, 2023:
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Customer
Relationships |
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Other
Intangible
Assets |
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Total |
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Cost |
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Balance, January 1, 2024 |
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$ |
44,060 |
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$ |
2,461 |
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$ |
46,521 |
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Balance, December 31, 2024 |
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44,060 |
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2,461 |
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46,521 |
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Useful lives |
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10-20 years |
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3-5 years |
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Accumulated amortization |
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Balance, January 1, 2024 |
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(25,127 |
) |
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(2,461 |
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(27,588 |
) |
Amortization expense |
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(2,289 |
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— |
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(2,289 |
) |
Balance, December 31, 2024 |
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(27,416 |
) |
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(2,461 |
) |
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(29,877 |
) |
Net book value |
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$ |
16,644 |
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$ |
— |
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$ |
16,644 |
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Cost |
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Balance, January 1, 2023 |
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$ |
44,060 |
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$ |
2,461 |
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$ |
46,521 |
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Balance, December 31, 2023 |
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44,060 |
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2,461 |
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46,521 |
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Useful lives |
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10-20 years |
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3-5 years |
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Accumulated amortization |
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Balance, January 1, 2023 |
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(22,711 |
) |
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(2,461 |
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(25,172 |
) |
Amortization expense |
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(2,416 |
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— |
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(2,416 |
) |
Balance, December 31, 2023 |
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(25,127 |
) |
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(2,461 |
) |
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(27,588 |
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Net book value |
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$ |
18,933 |
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$ |
— |
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$ |
18,933 |
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Amortization expense related to intangible assets was $2,289, $2,416 and $2,575 for the years ended December 31, 2024, 2023 and 2022, respectively.
Amortization related to the Company’s finite life intangible assets is scheduled to be expensed over the next five years and thereafter as follows:
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2025 |
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$ |
2,193 |
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2026 |
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1,832 |
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2027 |
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1,828 |
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2028 |
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1,824 |
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2029 |
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1,820 |
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Thereafter |
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7,147 |
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Total |
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$ |
16,644 |
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