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Intangible Assets, net | 12 Months Ended
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Dec. 31, 2024
Intangible Assets, net [Abstract] |
Intangible Assets, net | 9. Intangible Assets, net The Company’s intangible assets, net, consisted of the following.
|  | As of the Year Ended |
|  | December 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 |  | $ | 156,747 |  |  | $ | (39,218 | ) |  | $ | 117,529 |  |  | $ | 93,658 |  |  | $ | (30,414 | ) |  | $ | 63,244 |
Tradenames |  |  | 57,041 |  |  |  | - |  |  |  | 57,041 |  |  |  | 44,573 |  |  |  | - |  |  |  | 44,573 |
Non-compete agreements |  |  | 13,077 |  |  |  | (8,336 | ) |  |  | 4,741 |  |  |  | 9,459 |  |  |  | (7,594 | ) |  |  | 1,865 |
|  | $ | 226,865 |  |  | $ | (47,554 | ) |  | $ | 179,311 |  |  | $ | 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 6 to 15 years. Non-compete agreements are amortized over the respective terms of the agreements which range from 5 to 6 years. The weighted average amortization period for customer and referral relationships was 12.9 years for the year ended December 31, 2024 and 12.7 years for the year ended December 31, 2023. The weighted average amortization period for non-compete agreements was 5.3 years for the years ended December 31, 2024, and 5.6 years for December 31, 2023. During the year ended December 31, 2024, the Company recognized charges of $2.0 million related to the impairment of assets held for sale. 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. These impairment losses are presented in the impairment of goodwill and other intangible assets and impairment of assets held for sale in the Consolidated Statements of Income. The following table details the amount of amortization expense recorded for intangible assets for the periods presented.
|  | For the Year Ended |
|  | December 31, 2024 |  |  | December 31, 2023 |  |  | December 31, 2022 |
|  | (In thousands) |
Customer and referral relationships |  | $ | 8,804 |  |  | $ | 6,678 |  |  | $ | 5,974 |
Non-compete agreements |  |  | 742 |  |  |  | 595 |  |  |  | 549 |
|  | $ | 9,546 |  |  | $ | 7,273 |  |  | $ | 6,523 |
The remaining balances of the customer and referral relationships and non-compete agreements are expected to be amortized as follows.
For the Year Ending December 31, |  | Customer and Referral Relationships |  |  | Non-Compete Agreements |
|  | (In thousands) |
2025 |  | $ | 11,878 |  |  | $ | 1,133 |
2026 |  |  | 11,409 |  |  |  | 995 |
2027 |  |  | 11,246 |  |  |  | 869 |
2028 |  |  | 10,978 |  |  |  | 790 |
2029 |  |  | 10,599 |  |  |  | 584 |
Thereafter |  | $ | 61,419 |  |  | $ | 370 |

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