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Intangible Assets, net | 12 Months Ended
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Dec. 31, 2022
Intangible Assets, net [Abstract] |
Intangible Assets, net | 8. Intangible Assets, net Intangible assets, net as of December 31, 2022, and 2021 consisted of the following (in thousands):
|  | December 31, 2022 |  |  | December 31, 2021 |
Tradenames |  | $ | 43,373 |  |  | $ | 38,790 |
Customer and referral relationships, net of accumulated amortization of $23,736 and $17,762, respectively (weighted average amortization period 12.9 years) |  |  | 63,238 |  |  |  | 45,643 |
Non-compete agreements, net of accumulated amortization of $6,999 and $6,450 respectively (weighted average amortization period 5.6 years) |  |  | 2,144 |  |  |  | 1,949 |
|  | $ | 108,755 |  |  | $ | 86,382 |
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, 2022, 2021 and 2020 (in thousands):
|  | December 31, 2022 |  |  | December 31, 2021 |  |  | December 31, 2020 |
Customer and referral relationships |  | $ | 5,974 |  |  | $ | 3,240 |  |  | $ | 2,845 |
Non-compete agreements |  |  | 549 |  |  |  | 458 |  |  |  | 569 |
|  | $ | 6,523 |  |  | $ | 3,698 |  |  | $ | 3,414 |
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, |  |  |
2023 | $ | 6,651 |  | 2023 | $ | 604 |
2024 | $ | 6,504 |  | 2024 | $ | 556 |
2025 | $ | 6,359 |  | 2025 | $ | 490 |
2026 | $ | 5,891 |  | 2026 | $ | 349 |
2027 | $ | 5,728 |  | 2027 | $ | 145 |
Thereafter | $ | 32,105 |  | Thereafter | $ | - |

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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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