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INTANGIBLE ASSETS, NET | 9 Months Ended
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Sep. 30, 2023
INTANGIBLE ASSETS, NET [Abstract] |
INTANGIBLE ASSETS, NET | 7. INTANGIBLE ASSETS, NET Intangible assets, net consisted of the following:
|  | September 30, 2023 |  |  | December 31, 2022 |
|  | (In thousands) |
Tradenames |  | $ | 45,908 |  |  | $ | 43,373 |
Customer and referral relationships, net of accumulated amortization of $28,708 and $23,736, respectively (weighted average amortization period 13.0 years) |  |  | 64,210 |  |  |  | 63,238 |
Non-compete agreements, net of accumulated amortization of $7,449 and $6,999 respectively (weighted average amortization period 6.0 years) |  |  | 1,994 |  |  |  | 2,144 |
|  | $ | 112,112 |  |  | $ | 108,755 |
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 7 to 14 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 three and nine months ended September 30, 2023, and 2022:
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, 2023 |  |  | September 30, 2022 |  |  | September 30, 2023 |  |  | September 30, 2022 |
Customer and referral relationships |  | $ | 1,669 |  |  | $ | 1,404 |  |  | $ | 4,972 |  |  | $ | 4,415 |
Non-compete agreements |  |  | 148 |  |  |  | 129 |  |  |  | 450 |  |  |  | 396 |
|  | $ | 1,817 |  |  | $ | 1,533 |  |  | $ | 5,422 |  |  | $ | 4,811 |
Based on the balance of referral relationships and non-compete agreements as of September 30, 2023, the expected amount to be amortized in 2023 and thereafter by year is as follows:
Customer and Referral Relationships |  |  | Non-Compete Agreements |
(In thousands) |
Years |  | Annual Amount |  |  | Years |  |  | Annual Amount |
Ending December 31, |  |  |  |  | Ending December 31, |  |  |  |
2023 (excluding the nine months ended September 30, 2023) |  | $ | 1,780 |  |  | 2023 (excluding the nine months ended September 30, 2023) |  |  | $ | 159 |
2024 |  | $ | 6,983 |  |  | 2024 |  |  | $ | 607 |
2025 |  | $ | 6,839 |  |  | 2025 |  |  | $ | 541 |
2026 |  | $ | 6,371 |  |  | 2026 |  |  | $ | 401 |
2027 |  | $ | 6,207 |  |  | 2027 |  |  | $ | 234 |
Thereafter |  | $ | 36,030 |  |  | 2028 |  |  | $ | 51 |

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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 -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//350-30/tableOfContent + Details
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- References No definition available. + Details
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