Intangible Assets, net

12 Months Ended

Dec. 31, 2021

7. Intangible Assets, net

Intangible assets, net as of December 31, 2021, and 2020 consisted of the following (in thousands):

	December 31, 2021		December 31, 2020
Tradenames	$	38,790	$	32,317
Customer and referral relationships, net of accumulated amortization of $17,762 and $14,522, respectively		45,643		22,119
Non-compete agreements, net of accumulated amortization of $6,450 and $5,993, respectively		1,949		1,844
	$	86,382	$	56,280

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 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, 2021, 2020 and 2019 (in thousands):

	December 31, 2021		December 31, 2020		December 31, 2019
Customer and referral relationships	$	3,240	$	2,845	$	2,307
Non-compete agreements		458		569		708
	$	3,698	$	3,414	$	3,015

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 customer and referral relationships and non-compete agreements are expected to be amortized as follows (in thousands):

Customer and Referral Relationships			Non-Compete Agreements
Years		Annual Amount	Years		Annual Amount
Ending December 31,			Ending December 31,
2022	$	4,798	2022	$	512
2023	$	4,691	2023	$	443
2024	$	4,526	2024	$	387
2025	$	4,382	2025	$	322
2026	$	3,914	2026	$	236
Thereafter	$	23,332	Thereafter	$	49