XML 24 R12.htm IDEA: XBRL DOCUMENT
v3.22.1

Value of Business Acquired, Intangible Assets and Goodwill | 12 Months Ended
--- | ---
Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract] |
Value of Business Acquired, Intangible Assets and Goodwill | 5) Value of Business Acquired, Intangible Assets and Goodwill Information with regard to value of business acquired was as follows: Schedule of Value of Business Acquired
|  | 2021 |  |  | 2020 |
|  | December 31 |
|  | 2021 |  |  | 2020 |
Balance at beginning of year |  | $ | 8,955,249 |  |  | $ | 9,876,647 |
Value of business acquired |  |  | 586,840 |  |  |  | - |
Imputed interest at 7% included in earnings |  |  | 613,028 |  |  |  | 670,565 |
Amortization included in earnings |  |  | (1,728,157 | ) |  |  | (1,457,390 | )
Shadow amortization included in other comprehensive income |  |  | (5,528 | ) |  |  | (134,573 | )
Net amortization |  |  | (1,120,657 | ) |  |  | (921,398 | )
Balance at end of year |  | $ | 8,421,432 |  |  | $ | 8,955,249 |
Presuming no additional acquisitions, net amortization charged to income is expected to approximate $1,059,000, $972,000, $893,000, $810,000, and $753,000 for the years 2022 through 2027 . Actual amortization may vary based on changes in assumptions or experience. As of December 31, 2021, value of business acquired is being amortized over a weighted average life of 5.9 years. SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES Notes to Consolidated Financial Statements Years Ended December 31, 2021 and 2020 5) Value of Business Acquired, Intangible Assets and Goodwill (Continued) The carrying value of the Company’s intangible assets were as follows which is included in other assets: Schedule of Carrying Value of Intangible Asset
|  |  |  | December 31 |
|  | Useful Life |  | 2021 |  |  | 2020 |
Intangible asset - trade name (1) |  | 15 years |  | $ | 2,100,000 |  |  | $ | - |
Intangible asset - customer lists |  | 15 years |  |  | 890,000 |  |  |  | 890,000 |
Intangible asset - trade name (2) |  | 15 years |  |  | 610,000 |  |  |  | 610,000 |
Intangible assets - other (1) |  | 15 years |  |  | 210,000 |  |  |  | - |
Less accumulated amortization |  |  |  |  | (297,333 | ) |  |  | (197,334 | )
Balance at end of year |  |  |  | $ | 3,512,667 |  |  | $ | 1,302,666 |
(1) | See Note 20 regarding the acquisition of Rivera Funerals, Cremations and Memorial Gardens
(2) | Kilpatrick Life
Information regarding goodwill by segment was as follows: Schedule of Goodwill by Segment
|  | Life Insurance |  |  | Cemetery/ Mortuary |  |  | Total |
Balance at January 1, 2020: |  |  |  |  |  |  |  |  |  |  |  |
Goodwill |  | $ | 2,765,570 |  |  | $ | 754,018 |  |  | $ | 3,519,588 |
Accumulated impairment |  |  | - |  |  |  | - |  |  |  | - |
Total goodwill, net |  |  | 2,765,570 |  |  |  | 754,018 |  |  |  | 3,519,588 |
Acquisition |  |  | - |  |  |  | - |  |  |  | - |
Balance at December 31, 2020: |  |  |  |  |  |  |  |  |  |  |  |
Goodwill |  |  | 2,765,570 |  |  |  | 754,018 |  |  |  | 3,519,588 |
Accumulated impairment |  |  | - |  |  |  | - |  |  |  | - |
Total goodwill, net |  |  | 2,765,570 |  |  |  | 754,018 |  |  |  | 3,519,588 |
Acquisition |  |  | - |  |  |  | 1,734,195 | (1) |  |  | 1,734,195 |
Balance at December 31, 2021: |  |  |  |  |  |  |  |  |  |  |  |
Goodwill |  |  | 2,765,570 |  |  |  | 2,488,213 |  |  |  | 5,253,783 |
Accumulated impairment |  |  | - |  |  |  | - |  |  |  | - |
Total goodwill, net |  | $ | 2,765,570 |  |  | $ | 2,488,213 |  |  | $ | 5,253,783 |
(1) | See Note 20 regarding the acquisition of Rivera Funerals, Cremations and Memorial Gardens and Holbrook Mortuary
Goodwill is not amortized but is tested annually for impairment. The annual impairment tests resulted in no impairment of goodwill for the years ended December 31, 2021 and 2020. SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES Notes to Consolidated Financial Statements Years Ended December 31, 2021 and 2020

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

X
- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration