Intangible Assets, net

12 Months Ended

Dec. 31, 2023

Intangible Assets, net [Abstract]

Intangible Assets, net

8. Intangible Assets, net

The Company’s intangible assets, net, consisted of the following.

	As of the Year Ended
	December 31, 2023							December 31, 2022
	Gross Amount		Accumulated Amortization			Net Carrying Amount		Gross Amount		Accumulated Amortization			Net Carrying Amount
	(In thousands)
Customer and referral relationships	$	93,658	$	(30,414	)	$	63,244	$	86,974	$	(23,736	)	$	63,238
Tradenames		44,573		-			44,573		43,373		-			43,373
Non-compete agreements		9,459		(7,594	)		1,865		9,143		(6,999	)		2,144
	$	147,690	$	(38,008	)	$	109,682	$	139,490	$	(30,735	)	$	108,755

Tradenames, customer and referral relationships and non-compete agreements are related to the businesses acquired. The value assigned to tradenames has an indefinite life and is tested at least annually for impairment using the relief from royalty method in conjunction with the Company’s annual goodwill impairment test. The value assigned to customer and referral relationships is being amortized over their respective estimated useful lives which range from 6 to 14 years. Non-compete agreements are amortized over the respective term of the agreements which range from 5 to 6 years. The weighted average amortization period for customer and referral relationships was 12.7 years for the year ended December 31, 2023 and 12.9 years for the year ended December 31, 2022. The weighted average amortization period for non-compete agreements was 5.6 years for the years ended December 31, 2023, and December 31, 2022. During the year ended December 31, 2023, the Company recognized a charge of $1.7 million related to the impairment of a tradename related to an IIP acquisition.

The following table details the amount of amortization expense recorded for intangible assets for the periods presented.

	For the Year Ended
	December 31, 2023		December 31, 2022		December 31, 2021
	(In thousands)
Customer and referral relationships	$	6,678	$	5,974	$	3,240
Non-compete agreements		595		549		458
	$	7,273	$	6,523	$	3,698

The remaining balances of the customer and referral relationships and non-compete agreements are expected to be amortized as follows.

For the Year Ended December 31,	Customer and Referral Relationships		Non-Compete Agreements
	(In thousands)
2024	$	6,967	$	599
2025		6,823		533
2026		6,356		393
2027		6,192		232
2028		5,923		102
Thereafter	$	30,983	$	6