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INTANGIBLE ASSETS, NET | 6 Months Ended
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Jun. 30, 2022
INTANGIBLE ASSETS, NET [Abstract] |
INTANGIBLE ASSETS, NET | 7. INTANGIBLE ASSETS, NET Intangible assets, net as of June 30, 2022, and December 31, 2021 consisted of the following (in thousands):
|  | June 30, 2022 |  |  | December 31, 2021 |
Tradenames |  | $ | 39,838 |  |  | $ | 38,790 |
Customer and referral relationships, net of accumulated amortization of $20,772 and $17,762, respectively |  |  | 51,047 |  |  |  | 45,643 |
Non-compete agreements, net of accumulated amortization of $6,717 and $6,450, respectively |  |  | 1,770 |  |  |  | 1,949 |
|  | $ | 92,655 |  |  | $ | 86,382 |
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 six to fourteen years. Non-compete agreements are amortized over the respective term of the agreements which range from five to six years. The following table details the amount of amortization expense recorded for intangible assets for the three months ended June 30, 2022, and 2021 (in thousands):
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, 2022 |  |  | June 30, 2021 |  |  | June 30, 2022 |  |  | June 30, 2021 |
Customer and referral relationships |  | $ | 1,339 |  |  | $ | 778 |  |  | $ | 3,011 |  |  | $ | 1,561 |
Non-compete agreements |  |  | 120 |  |  |  | 138 |  |  |  | 267 |  |  |  | 177 |
|  | $ | 1,459 |  |  | $ | 916 |  |  | $ | 3,278 |  |  | $ | 1,738 |
Based on the balance of referral relationships and non-compete agreements as of June 30, 2022, the expected amount to be amortized in 2022 and thereafter by year is as follows (in thousands):
Customer and Referral Relationships |  |  | Non-Compete Agreements |
Years |  | Annual Amount |  |  | Years |  |  | Annual Amount |
Ending December 31, |  |  |  |  | Ending December 31, |  |  |  |
2022 (excluding the six months ended June 30, 2022) |  | $ | 2,745 |  |  | 2022 (excluding the six months ended June 30, 2022) |  |  | $ | 267 |
2023 |  | $ | 5,393 |  |  | 2023 |  |  | $ | 477 |
2024 |  | $ | 5,228 |  |  | 2024 |  |  | $ | 421 |
2025 |  | $ | 5,084 |  |  | 2025 |  |  | $ | 355 |
2026 |  | $ | 4,616 |  |  | 2026 |  |  | $ | 216 |
Thereafter |  | $ | 27,981 |  |  | Thereafter |  |  | $ | 34 |

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- Definition The entire disclosure for all or part of the information related to intangible assets. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -URI https://asc.fasb.org/subtopic&trid=2144471 + Details
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- References No definition available. + Details
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