XML 37 R17.htm IDEA: XBRL DOCUMENT v3.24.0.1
Goodwill and Other Intangible Assets
 12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets
Note 9 — Goodwill and Other Intangible Assets

Goodwill

Goodwill represents the excess of the purchase price over the fair value of net assets of acquired businesses. Goodwill is not amortized but is evaluated for impairment on an annual basis or more frequently if impairment indicators arise. To date, the Company has not recognized an impairment of its goodwill.

The following table sets forth the amounts of goodwill by reportable segment as of December 31, 2023 and 2022:
December 31, 2023December 31, 2022
(in thousands)
Housekeeping$42,377 $42,377 
Dietary33,152 33,152 
Total Goodwill$75,529 $75,529 

Intangible Assets

The Company’s other intangible assets consist of customer relationships, trade names, patents and non-compete agreements which were obtained through acquisitions and are recorded at their fair values at the date of acquisition. The following table sets forth the amounts of other intangible assets as of December 31, 2023 and 2022:
December 31, 2023December 31, 2022
Gross AmountAccumulated AmortizationNet AmountGross AmountAccumulated AmortizationNet Amount
(in thousands)
Customer relationships$45,634 $35,718 $9,916 $45,634 $32,211 $13,423 
Trade names1,731 329 1,402 1,731 191 1,540 
Patents1,086 369 717 1,086 232 854 
Non-compete agreements233 141 92 233 104 129 
Total other intangible assets$48,684 $36,557 $12,127 $48,684 $32,738 $15,946 

No acquisitions occurred during the year ended December 31, 2023. Intangible assets with determinable useful lives are amortized on a straight-line basis over their estimated useful lives. The weighted-average amortization period of customer relationships, trade names, patents, and non-compete agreements are approximately 10 years, 13 years, 8 years and 4 years, respectively.

The following table sets forth the estimated amortization expense for intangibles subject to amortization for 2024, the following four fiscal years and thereafter:
Period/YearTotal Amortization Expense
(in thousands)
2024$2,685 
2025$2,685 
2026$2,666 
2027$1,196 
2028$613 
Thereafter$2,282 
Total$12,127 

Amortization expense for the years ended December 31, 2023, 2022 and 2021 was $3.8 million, $4.9 million and $4.4 million, respectively.