Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets and Deferred Charges

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Intangible Assets and Deferred Charges
 3 Months Ended
Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets and Deferred Charges Intangible Assets and Deferred Charges
Intangible assets represent the fair value of intellectual, non-physical assets resulting from business acquisitions and are amortized over their estimated useful life using either an accelerated or straight-line method over a period of eight to 15 years.

The balance of intangible assets subject to amortization are as follows:
(in thousands) March 31, 2021 December 31, 2020
Intangible assets, gross $ 30,866  $ 30,866 
Accumulated amortization of intangible assets (20,120) (19,440)
Intangible assets, net $ 10,746  $ 11,426 

Estimated amortization expense related to intangible assets for the next five years are as follows:
(in thousands)
Remainder of 2021 $ 2,041 
2022 2,501 
2023 1,050 
2024 952 
2025 855 
2026 758 
Thereafter 2,589 

Deferred Charges
Deferred charges represent debt issuance costs and are amortized over their estimated useful lives using the straight-line method over a period of four years.
On January 15, 2021, the Company and its subsidiaries entered into a new Credit Agreement (the "Credit Agreement") with BMO Harris Bank, N.A ("BMO") providing the Company with a new four-year revolving credit facility and replacing the Company's previous asset based revolving line of credit and term loan with Truist Bank ("Truist"). The Company accounted for this refinance as a debt extinguishment and, as a result, $0.2 million of unamortized debt issuance costs associated with the Company's previously existing bank debt were written off as a loss on extinguishment of debt during the three months ended March 31, 2021. See Note 7 for additional information on the Company's new Credit Agreement.
The balance of deferred charges subject to amortization are as follows:
(in thousands) March 31, 2021 December 31, 2020
Deferred charges, gross $ 388  $ 792 
Accumulated amortization of deferred charges (21) (337)
Deferred charges, net $ 367  $ 455