7. Intangible Assets, net

Intangible assets, net as of December 31, 2019 and 2018 consisted of the following (in thousands):

	December 31, 2019		December 31, 2018
Tradenames	$	32,049	$	30,256
Referral relationships, net of accumulated amortization of $11,677 and $9,370, respectively		18,367		16,895
Non-compete agreements, net of accumulated amortization of $5,424 and $4,716, respectively		2,172		1,677
	$	52,588	$	48,828

Tradenames, 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 referral relationships is being amortized over their respective estimated useful lives which range from 6 to 16 years. Non-compete agreements are amortized over the respective term of the agreements which range from 5 to 6 years.

The following table details the amount of amortization expense recorded for intangible assets for the years ended December 31, 2019, 2018 and 2017 (in thousands):

	Year Ended		Year Ended		Year Ended
	December 31, 2019		December 31, 2018		December 31, 2017
Referral relationships	$	2,307	$	2,161	$	1,934
Non-compete agreements		708		616		720
	$	3,015	$	2,777	$	2,654

For one acquisition, the value assigned to tradename was being amortized over the term of the six year agreement in which the Company had acquired the right to use the specific tradename.

The remaining balances of the referral relationships and non-compete agreements is expected to be amortized as follows (in thousands):

Referral Relationships			Non-Compete Agreements
Years	Annual Amount		Years		Annual Amount
Ending December 31,			Ending December 31,
2020	$	2,403		2020	$	619
2021	$	2,403		2021	$	541
2022	$	2,354		2022	$	364
2023	$	2,247		2023	$	294
2024	$	2,082		2024	$	238
Thereafter	$	6,878	Thereafter		$	116