Annual report pursuant to Section 13 and 15(d)

Goodwill and Intangible Assets, net

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Goodwill and Intangible Assets, net
 12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets, net Goodwill and Intangible Assets, net
The goodwill and intangible assets were acquired as part of the acquisition of Mainstream Energy Corporation, which included AEE Solar and its racking business SnapNrack; Clean Energy Experts, LLC; Omni Energy, LLC; and Vivint Solar.
The Company has determined that it has one reporting unit and performs its annual impairment test of goodwill on October 1 of each fiscal year or whenever events or circumstances change or occur that would indicate that goodwill might be impaired. As of October 1, 2022, the Company conducted its annual goodwill impairment test, based on a qualitative assessment. The test concluded that no impairment had occurred.
There was no impairment of goodwill during the years ended December 31, 2022, 2021 and 2020.
Intangible assets, net as of December 31, 2022 consist of the following (in thousands, except weighted average remaining life):
Cost
Accumulated
amortization
Carrying
value
Weighted
average
remaining life
(in years)
Customer relationships $ 32,770  $ (25,336) $ 7,434  1.8
Trade names 6,990  (6,897) 93  0.3
Total
 $ 39,760  $ (32,233) $ 7,527 
Intangible assets, net as of December 31, 2021 consist of the following (in thousands, except weighted average remaining life):
Cost
Accumulated
amortization
Carrying
value
Weighted
average
remaining life
(in years)
Customer relationships
 $ 32,770  $ (20,346) $ 12,424  2.7
Trade names
 6,990  (6,523) 467  1.3
Total
 $ 39,760  $ (26,869) $ 12,891 
The Company recorded amortization of intangible assets expense of $5.4 million, $5.4 million and $5.2 million for the years ended December 31, 2022, 2021 and 2020, respectively. As of December 31, 2022, expected amortization of intangible assets for each of the five succeeding fiscal years and thereafter is as follows (in thousands):
2023 $ 4,673 
2024 2,269 
2025 585 
2026 — 
2027 — 
Thereafter
 — 
Total
 $ 7,527