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Intangible Assets, Goodwill and Title Plants | 3 Months Ended
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Mar. 31, 2024
Business Combinations [Abstract] |
Business Combinations, Intangible Assets, Goodwill and Title Plants | Intangible Assets, Goodwill and Title Plants Intangible Assets The estimated fair values of intangible assets recognized as the result of title insurance agency acquisitions are principally based on values obtained from an independent third-party valuation service and are all Level 3 inputs. Management determined that no events or changes in circumstances occurred during the three-month periods ended March 31, 2024 and 2023 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, 2024 | As of December 31, 2023
Referral relationships | $ | 8,898 |  | $ | 8,898 |
Non-compete agreements | 3,155 |  | 3,155 |
Tradename | 747 |  | 747 |
Total | 12,800 |  | 12,800 |
Accumulated amortization | (6,514) |  | (6,176) |
Identifiable intangible assets, net | $ | 6,286 |  | $ | 6,624 |
The following table provides the estimated aggregate amortization expense, as of March 31, 2024, for each of the five succeeding fiscal years:
Year Ended (in thousands) |
2024 | $ | 840 |
2025 | 1,095 |
2026 | 1,095 |
2027 | 679 |
2028 | 650 |
Thereafter | 1,740 |
Total | $ | 6,099 |
Goodwill and Title Plants As of March 31, 2024, the Company recognized $9.6 million in goodwill and $1.6 million in title plants, net of impairments, as the result of title insurance agency acquisitions. The title plants are included with other assets in the unaudited Consolidated Balance Sheets. The fair values of goodwill and the title plants as of the date of acquisition, both Level 3 inputs, were principally based on values obtained from an independent third-party valuation service. In accordance with FASB's Accounting Standards Codification ("ASC") 350, the Company determined that no events or changes in circumstances occurred during the three-month periods ended March 31, 2024 and 2023 that would indicate the carrying amounts may not be recoverable, and therefore, determined that there were no goodwill or title plant impairments.

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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://www.xbrl.org/2003/role/disclosureRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479907/805-20-50-5 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//805/tableOfContent + Details
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- References No definition available. + Details
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