XML 28 R18.htm IDEA: XBRL DOCUMENT
v3.24.3

Intangible Assets, Goodwill and Title Plants | 9 Months Ended
--- | ---
Sep. 30, 2024
Business Combinations [Abstract] |
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 nine-month periods ended September 30, 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 September 30, 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 | (7,076) |  | (6,176) |
Identifiable intangible assets, net | $ | 5,724 |  | $ | 6,624 |
The following table provides the estimated aggregate amortization expense, as of September 30, 2024, for each of the five succeeding fiscal years:
Year Ended (in thousands) |
2024 | $ | 278 |
2025 | 1,095 |
2026 | 1,095 |
2027 | 679 |
2028 | 650 |
Thereafter | 1,740 |
Total | $ | 5,537 |
Goodwill and Title Plants As of September 30, 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 nine-month periods ended September 30, 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.

X
- 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
Name: | us-gaap_BusinessCombinationDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_BusinessCombinationsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration