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GOODWILL AND INTANGIBLE ASSETS | 12 Months Ended
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Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND INTANGIBLE ASSETS | GOODWILL AND INTANGIBLE ASSETS The balance of goodwill, net is as follows (in thousands):
| Goodwill |  | Accumulated Impairment Loss |  | Net Goodwill
Balance at December 31, 2021 | $ | 903,227 |  |  | $ | (483,088) |  |  | $ | 420,139 |
Changes in goodwill | — |  |  | — |  |  | — |
Balance at December 31, 2022 | $ | 903,227 |  |  | $ | (483,088) |  |  | $ | 420,139 |
Changes in goodwill | — |  |  | (38,600) |  |  | (38,600) |
Balance at December 31, 2023 | $ | 903,227 |  |  | $ | (521,688) |  |  | $ | 381,539 |
The balance of intangible assets, net is as follows (in thousands):
| December 31, 2023 |  | December 31, 2022
Intangible assets with indefinite lives | $ | 10,142 |  |  | $ | 10,142 |
Intangible assets with definite lives, net | 40,478 |  |  | 48,173 |
Total intangible assets, net | $ | 50,620 |  |  | $ | 58,315 |
Goodwill and Indefinite-Lived Intangible Assets The Company's goodwill at December 31, 2023 consists of $59.3 million associated with the Home reporting unit, $166.1 million associated with the Consumer reporting unit, and $156.1 million associated with the Insurance reporting unit. During the third quarter of 2023, the Company’s market capitalization declined significantly compared to the second quarter of 2023. The closing stock price on September 29, 2023 was $15.50 reflecting a market capitalization below the Company's book value. In addition, the effects of the challenging interest rate environment, low for-sale home inventories and the rise in home prices in the Home reporting unit and consumer price inflation negatively impacting carrier underwriting in the Insurance reporting unit continued to provide revenue headwinds. Based on these factors, it was concluded that a triggering event had occurred and an interim quantitative impairment test was performed as of September 30, 2023. Upon completing the quantitative goodwill impairment test, the Company concluded that the carrying value of the Insurance reporting unit exceeded its fair value which resulted in a goodwill impairment charge of $38.6 million. The fair value of the Home and Consumer reporting units exceeded their carrying amounts, indicating no goodwill impairment. The fair values of each reporting unit were determined using a combination of the income approach and the market approach valuation methodologies. Intangible assets with indefinite lives relate to the Company's trademarks. Intangible Assets with Definite Lives Intangible assets with definite lives relate to the following (dollars in thousands):
| Weighted Average Amortization Life |  | Cost |  | Accumulated Amortization |  | Net
Customer lists | 13.3 years |  | 76,100 |  |  | (35,644) |  |  | 40,456 |
Trademarks and tradenames | 5.0 years |  | 1,300 |  |  | (1,278) |  |  | 22 |
Balance at December 31, 2023 |  |  | $ | 77,400 |  |  | $ | (36,922) |  |  | $ | 40,478 |
| Weighted Average Amortization Life |  | Cost |  | Accumulated Amortization |  | Net
Customer lists | 13.2 years |  | 77,300 |  |  | (30,775) |  |  | 46,525 |
Trademarks and tradenames | 4.9 years |  | 10,100 |  |  | (8,452) |  |  | 1,648 |
Balance at December 31, 2022 |  |  | $ | 87,400 |  |  | $ | (39,227) |  |  | $ | 48,173 |
During 2023 certain trademarks and tradenames and customer list intangible assets became fully amortized, reducing the cost and accumulated amortization in the table above. Amortization of intangible assets with definite lives is computed on a straight-line basis and, based on balances as of December 31, 2023, future amortization is estimated to be as follows (in thousands):
| Amortization Expense
Year ending December 31, 2024 | $ | 5,889 |
Year ending December 31, 2025 | 5,830 |
Year ending December 31, 2026 | 5,504 |
Year ending December 31, 2027 | 5,198 |
Year ending December 31, 2028 | 4,685 |
Thereafter | 13,372 |
Total intangible assets with definite lives, net | $ | 40,478 |

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