Intangible Assets, net

12 Months Ended

Dec. 31, 2020

7. Intangible Assets, net

Intangible assets, net as of December 31, 2020, 2019 and 2018 consisted of the following (in thousands):

	December 31, 2020		December 31, 2019
Tradenames	$	32,317	$	32,049
Referral relationships, net of accumulated amortization of $14,522 and $11,677, respectively		22,119		18,367
Non-compete agreements, net of accumulated amortization of $5,993 and $5,424, respectively		1,844		2,172
	$	56,280	$	52,588

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, 2020, 2019 and 2018 (in thousands):

	Year Ended December 31, 2020		Year Ended December 31, 2019		Year Ended December 31, 2018
Referral relationships	$	2,845	$	2,307	$	2,161
Non-compete agreements		569		708		616
	$	3,414	$	3,015	$	2,777

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,
2021	$	2,946	2021	$	556
2022	$	2,886	2022	$	403
2023	$	2,778	2023	$	335
2024	$	2,615	2024	$	279
2025	$	2,470	2025	$	212
Thereafter	$	8,424	Thereafter	$	59