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Intangible Assets, Net | 3 Months Ended
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Mar. 31, 2024
Intangible Assets, Net [Abstract] |
Intangible Assets, Net | 6. Intangible Assets, Net The Company’s intangible assets, net, consisted of the following:
|  | March 31, 2024 |  |  | December 31, 2023 |
|  | Gross Amount |  |  | Accumulated Amortization |  |  | Net Carrying Amount |  |  | Gross Amount |  |  | Accumulated Amortization |  |  | Net Carrying Amount |
|  | (In thousands) |
Customer and referral relationships |  | $ | 100,914 |  |  | $ | (32,231 | ) |  | $ | 68,683 |  |  | $ | 93,658 |  |  | $ | (30,414 | ) |  | $ | 63,244 |
Tradenames |  |  | 46,145 |  |  |  | - |  |  |  | 46,145 |  |  |  | 44,573 |  |  |  | - |  |  |  | 44,573 |
Non-compete agreements |  |  | 9,818 |  |  |  | (7,758 | ) |  |  | 2,060 |  |  |  | 9,459 |  |  |  | (7,594 | ) |  |  | 1,865 |
|  | $ | 156,877 |  |  | $ | (39,989 | ) |  | $ | 116,888 |  |  | $ | 147,690 |  |  | $ | (38,008 | ) |  | $ | 109,682 |
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 7.0 to 14.0 years. Non-compete agreements are amortized over the respective term of the agreements which range from 5.0 to 6.0 years. For the three months ended March 31, 2024, the weighted average amortization period for customer and referral relationships was 12.7 years and the weighted average amortization period for non-compete agreements was 5.5 years. During the year ended December 31, 2023, the Company recognized a charge of $1.7 million related to the impairment of a tradename related to an IIP acquisition. The following table details the amount of amortization expense recorded for intangible assets for the periods presented:
|  | Three Months Ended |
|  | March 31, 2024 |  |  | March 31, 2023 |
|  | (In thousands) |
Customer and referral relationships |  | $ | 1,818 |  |  | $ | 1,664 |
Non-compete agreements |  |  | 163 |  |  |  | 153 |
|  | $ | 1,981 |  |  | $ | 1,817 |
Based on the balance of referral relationships and non-compete agreements as of March 31, 2024, the expected amount to be amortized in 2024 and thereafter by year is as follows:
For the Year Ended December 31, |  | Customer and Referral Relationships |  |  | Non-Compete Agreements |
|  | (In thousands) |
2024 (excluding the three months ended March 31, 2024) |  | $ | 5,645 |  |  | $ | 497 |
2025 |  |  | 7,428 |  |  |  | 605 |
2026 |  |  | 6,960 |  |  |  | 465 |
2027 |  |  | 6,797 |  |  |  | 303 |
2028 |  |  | 6,528 |  |  |  | 169 |
Thereafter |  | $ | 35,325 |  |  | $ | 21 |

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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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