Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Note 8 — Goodwill and Other Intangible Assets

Goodwill

Goodwill represents the excess of the purchase price over the fair value of net assets of acquired businesses. Goodwill is not amortized but is evaluated for impairment on an annual basis or more frequently if impairment indicators arise. To date, the Company has not recognized an impairment of its goodwill.

The following table sets forth the amounts of goodwill by reportable segment as of December 31, 2024 and 2023:

	December 31, 2024		December 31, 2023
	(in thousands)
Housekeeping	$	42,377	$	42,377
Dietary	33,152		33,152
Total Goodwill	$	75,529	$	75,529

Intangible Assets

The Company’s other intangible assets consist of customer relationships, trade names, patents and non-compete agreements which were obtained through acquisitions and are recorded at their fair values at the date of acquisition. The following table sets forth the amounts of other intangible assets as of December 31, 2024 and 2023:

	December 31, 2024						December 31, 2023
	Gross Amount		Accumulated Amortization		Net Amount		Gross Amount		Accumulated Amortization		Net Amount
	(in thousands)
Customer relationships	$	45,634	$	38,093	$	7,541	$	45,634	$	35,718	$	9,916
Trade names	1,731		466		1,265		1,731		329		1,402
Patents	1,086		505		581		1,086		369		717
Non-compete agreements	233		178		55		233		141		92
Total other intangible assets	$	48,684	$	39,242	$	9,442	$	48,684	$	36,557	$	12,127

No acquisitions occurred during the year ended December 31, 2024. Intangible assets with determinable useful lives are amortized on a straight-line basis over their estimated useful lives. The weighted-average amortization period of customer relationships, trade names, patents, and non-compete agreements are approximately 10 years, 13 years, 8 years, and 4 years, respectively.

The following table sets forth the estimated amortization expense for intangibles subject to amortization for 2025, the following four fiscal years and thereafter:

Period/Year	Total Amortization Expense
	(in thousands)
2025	$	2,685
2026	$	2,666
2027	$	1,195
2028	$	613
2029	$	509
Thereafter	$	1,774
Total	$	9,442

Amortization expense for the years ended December 31, 2024, 2023 and 2022 was $2.7 million, $3.8 million and $4.9 million, respectively.