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Intangible Assets, Goodwill and Title Plant | 3 Months Ended
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Mar. 31, 2020
Business Combinations [Abstract] |
Business Combinations, Intangible Assets and Goodwill | Intangible Assets, Goodwill and Title Plant Intangible Assets The estimated fair values of intangible assets recognized as the result of title insurance agency acquisitions, all Level 3 inputs, are principally based on values obtained from an independent third-party valuation service. In accordance with ASC 350, Intangibles – Goodwill and Other, management determined that no events or changes in circumstances occurred during the three-month periods ended March 31, 2020 and 2019 that would indicate the carrying amounts may not be recoverable, and therefore determined that no identifiable intangible assets were impaired. Identifiable intangible assets consist of the following:
(in thousands) | As of March 31, 2020 | As of December 31, 2019
Referral relationships | $ | 6,416 |  | $ | 6,416 |
Non-compete agreements | 1,406 |  | 1,406 |
Tradename | 560 |  | 560 |
Total | 8,382 |  | 8,382 |
Accumulated amortization | (2,583 | ) | (2,456 | )
Identifiable intangible assets, net | $ | 5,799 |  | $ | 5,926 |
The following table provides the estimated aggregate amortization expense for each of the five succeeding fiscal years:
Year Ended (in thousands) |
2020 | $ | 378 |
2021 | 562 |
2022 | 525 |
2023 | 525 |
2024 | 473 |
Thereafter | 3,336 |
Total | $ | 5,799 |
Goodwill and Title Plant As of March 31, 2020, the Company recognized $4.4 million in goodwill and $690 thousand in a title plant, net of impairments, as the result of title insurance agency acquisitions. The title plant is included with other assets in the Consolidated Balance Sheets. The fair values of goodwill and the title plant, both Level 3 inputs, are principally based on values obtained from an independent third-party valuation service as of the date of acquisition. In accordance with ASC 350, Intangibles – Goodwill and Other, management determined that no events or changes in circumstances occurred during the three-month periods ended March 31, 2020 and 2019 that would indicate the carrying amounts may not be recoverable, and therefore determined that neither goodwill nor the title plant were impaired.

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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- References No definition available. + Details
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