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Intangible Assets | 6 Months Ended
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Jun. 30, 2025
Intangible Assets, Net [Abstract] |
Intangible Assets, Net | 7. Intangible Assets The Company’s intangible assets, net, consisted of the following:
|  | June 30, 2025 |  |  | December 31, 2024 |
|  | Gross Amount |  |  | Accumulated Amortization |  |  | Net Carrying Amount |  |  | Gross Amount |  |  | Accumulated Amortization |  |  | Net Carrying Amount |
|  | (In thousands) |
Customer and referral relationships |  | $ | 158,474 |  |  | $ | (44,895 | ) |  | $ | 113,579 |  |  | $ | 156,747 |  |  | $ | (39,218 | ) |  | $ | 117,529 |
Tradenames |  |  | 57,586 |  |  |  | - |  |  |  | 57,586 |  |  |  | 57,041 |  |  |  | - |  |  |  | 57,041 |
Non-compete agreements |  |  | 13,369 |  |  |  | (8,907 | ) |  |  | 4,462 |  |  |  | 13,077 |  |  |  | (8,336 | ) |  |  | 4,741 |
|  | $ | 229,429 |  |  | $ | (53,802 | ) |  | $ | 175,627 |  |  | $ | 226,865 |  |  | $ | (47,554 | ) |  | $ | 179,311 |
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 8.0 to 15.0 years. Non-compete agreements are amortized over the respective term of the agreements which range from 5.0 to 6.0 years. During the year ended December 31, 2024, the Company recognized charges of $2.0 million related to the impairment of assets held for sale. This impairment loss is presented in the 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:
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, 2025 |  |  | June 30, 2024 |  |  | June 30, 2025 |  |  | June 30, 2024 |
|  | (In thousands) |
Customer and referral relationships |  | $ | 2,870 |  |  | $ | 2,066 |  |  | $ | 5,677 |  |  | $ | 3,884 |
Non-compete agreements |  |  | 270 |  |  |  | 191 |  |  |  | 571 |  |  |  | 354 |
|  | $ | 3,140 |  |  | $ | 2,257 |  |  | $ | 6,248 |  |  | $ | 4,238 |
Based on the balance of referral relationships and non-compete agreements as of June 30, 2025, the expected amount to be amortized in 2025 and thereafter by year is as follows:
For the Year Ending December 31, |  | Customer and Referral Relationships |  |  | Non-Compete Agreements |
|  | (In thousands) |
2025 (excluding the six months ended June 30, 2025) |  | $ | 5,912 |  |  | $ | 562 |
2026 |  |  | 11,375 |  |  |  | 1,007 |
2027 |  |  | 11,212 |  |  |  | 881 |
2028 |  |  | 10,943 |  |  |  | 802 |
2029 |  |  | 10,565 |  |  |  | 629 |
Thereafter |  |  | 63,572 |  |  |  | 581 |

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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 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482665/350-30-50-4 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482665/350-30-50-3 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 985 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481283/985-20-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 985 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/985-20/tableOfContent + Details
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