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GOODWILL AND LONG-LIVED ASSETS | 6 Months Ended
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Jun. 30, 2024
GOODWILL AND LONG-LIVED ASSETS [Abstract] |
GOODWILL AND LONG-LIVED ASSETS |
5. | GOODWILL AND LONG-LIVED ASSETS
The Company reviews the carrying value of its long-lived assets and identifiable intangibles annually, or more frequently if necessary, for possible impairment whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. If the Company determines that an asset’s carrying value is impaired, it will record a write-down of the carrying value of the asset and charge the impairment as an operating expense in the period in which the determination is made. For other long-lived assets, including ROU lease assets, the Company evaluates assets for recoverability when there is an indication of potential impairment. If the undiscounted cash flows from a group of assets being evaluated is less than the carrying value of that group of assets, the fair value of the asset group is determined and the carrying value of the asset group is written down to fair value. When we perform the quantitative impairment test for long-lived assets, we examine estimated future cash flows using Level 3 inputs. These cash flows are evaluated by using weighted probability techniques as well as comparisons of past performance against projections. Assets may also be evaluated by identifying independent market values. For the three months and six months ended June 30, 2024 , there were no impairments relating to goodwill or long lived assets. On June 8, 2023, the Company consummated the sale of its Nashville, Tennessee property. As a result of the sale, there was a change in the trajectory of the fair value of the Nashville, Tennessee operations, and as such, the Company recorded a pre-tax non-cash impairment charge of $3.8 million relating to goodwill and an additional $0.4 million impairment relating to long-lived assets during the three and six months ended June 30, 2023. Both charges were related to the Nashville, Tennessee property. The carrying amount of goodwill on June 30, 2024 and 2023 was as follows:
|  | Gross Goodwill Balance |  |  | Accumulated Impairment Losses |  |  | Net Goodwill Balance |
Balance as of January 1, 2024 |  | $ | 117,176 |  |  | $ | (106,434 | ) |  | $ | 10,742 |
Adjustments |  |  | - |  |  |  | - |  |  |  | - |
Balance as of June 30, 2024 |  | $ | 117,176 |  |  | $ | (106,434 | ) |  | $ | 10,742 |
|  | Gross Goodwill Balance |  |  | Accumulated Impairment Losses |  |  | Net Goodwill Balance |
Balance as of January 1, 2023 |  | $ | 117,176 |  |  | $ | (102,640 | ) |  | $ | 14,536 |
Adjustments |  |  | - |  |  |  | (3,794 | ) |  |  | (3,794 | )
Balance as of June 30, 2023 |  | $ | 117,176 |  |  | $ | (106,434 | ) |  | $ | 10,742 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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