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GOODWILL AND INTANGIBLE ASSETS
 12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND INTANGIBLE ASSETS GOODWILL AND INTANGIBLE ASSETS
The balance of goodwill, net is as follows (in thousands):
GoodwillAccumulated Impairment LossNet Goodwill
Balance at December 31, 2021
$903,227 $(483,088)$420,139 
Changes in goodwill— — — 
Balance at December 31, 2022
$903,227 $(483,088)$420,139 
Changes in goodwill— (38,600)(38,600)
Balance at December 31, 2023
$903,227 $(521,688)$381,539 
The balance of intangible assets, net is as follows (in thousands):
December 31, 2023December 31, 2022
Intangible assets with indefinite lives$10,142 $10,142 
Intangible assets with definite lives, net40,478 48,173 
Total intangible assets, net$50,620 $58,315 
Goodwill and Indefinite-Lived Intangible Assets
The Company's goodwill at December 31, 2023 consists of $59.3 million associated with the Home reporting unit, $166.1 million associated with the Consumer reporting unit, and $156.1 million associated with the Insurance reporting unit.
During the third quarter of 2023, the Company’s market capitalization declined significantly compared to the second quarter of 2023. The closing stock price on September 29, 2023 was $15.50 reflecting a market capitalization below the Company's book value. In addition, the effects of the challenging interest rate environment, low for-sale home inventories and the rise in home prices in the Home reporting unit and consumer price inflation negatively impacting carrier underwriting in the Insurance reporting unit continued to provide revenue headwinds. Based on these factors, it was concluded that a triggering event had occurred and an interim quantitative impairment test was performed as of September 30, 2023. Upon completing the quantitative goodwill impairment test, the Company concluded that the carrying value of the Insurance reporting unit exceeded its fair value which resulted in a goodwill impairment charge of $38.6 million. The fair value of the Home and Consumer reporting units exceeded their carrying amounts, indicating no goodwill impairment. The fair values of each reporting unit were determined using a combination of the income approach and the market approach valuation methodologies.
Intangible assets with indefinite lives relate to the Company's trademarks.
Intangible Assets with Definite Lives
Intangible assets with definite lives relate to the following (dollars in thousands):
Weighted Average
Amortization Life		CostAccumulated
Amortization		Net
Customer lists13.3 years76,100 (35,644)40,456 
Trademarks and tradenames5.0 years1,300 (1,278)22 
Balance at December 31, 2023$77,400 $(36,922)$40,478 
Weighted Average
Amortization Life		CostAccumulated
Amortization		Net
Customer lists13.2 years77,300 (30,775)46,525 
Trademarks and tradenames4.9 years10,100 (8,452)1,648 
Balance at December 31, 2022$87,400 $(39,227)$48,173 
During 2023 certain trademarks and tradenames and customer list intangible assets became fully amortized, reducing the cost and accumulated amortization in the table above.
Amortization of intangible assets with definite lives is computed on a straight-line basis and, based on balances as of December 31, 2023, future amortization is estimated to be as follows (in thousands):
 Amortization Expense
Year ending December 31, 2024$5,889 
Year ending December 31, 20255,830 
Year ending December 31, 20265,504 
Year ending December 31, 20275,198 
Year ending December 31, 20284,685 
Thereafter13,372 
Total intangible assets with definite lives, net$40,478