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Goodwill and Intangibles (Tables) | 6 Months Ended
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Jun. 30, 2022
Goodwill And Intangible Assets Disclosure [Abstract] |
Summary of Changes in Goodwill and Intangible Assets | The following tables summarize the changes in the Company’s intangible assets as of December 31, 2021 and June 30, 2022 (in thousands):
|  | December 31, 2020 |  |  | December 31, 2021 | December 31, 2021 |
|  | Gross Carrying Amount |  |  | Additions |  |  | Gross Carrying Amount |  |  | Goodwill Impairments |  |  | Accumulated Amortization |  |  | Net Book Value |
Goodwill |  | $ | 47,318 |  |  | $ | 72,623 |  |  | $ | 119,941 |  |  | $ | — |  |  | $ | — |  |  | $ | 119,941 |
|  | December 31, 2021 |  |  | Six Months Ended June 30, 2022 | June 30, 2022 |
|  | Gross Carrying Amount |  |  | Additions |  |  | Gross Carrying Amount |  |  | Goodwill Impairments (1) |  |  | Accumulated Amortization |  |  | Net Book Value |
Goodwill |  | $ | 119,941 |  |  | $ | — |  |  | $ | 119,941 |  |  | $ | (29,020 | ) |  | $ | — |  |  | $ | 90,921 |
| (1) | The Company engaged a third-party valuation specialist to assist management in performing an interim goodwill impairment test in March 2022. For goodwill, impairment testing is based upon the best information available using a combination of the discounted cash flow method (a form of the income approach) and the guideline public company method. As a result of the impairment testing, the Company recorded a goodwill impairment charge of $29.0 million in the three months ended March 31 2022, primarily due to the decrease in its market capitalization. The Company did not record a goodwill impairment charge for the three months ending June 30, 2022.
The following tables summarize the changes in the Company’s intangible assets as of December 31, 2021 and June 30, 2022 (in thousands):
|  | December 31, 2020 |  |  | December 31, 2021 | December 31, 2021 |
|  | Gross Carrying Amount |  |  | Additions |  |  | Gross Carrying Amount |  |  | Intangible Impairments |  |  | Accumulated Amortization |  |  | Net Book Value |
Trademarks |  | $ | 31,810 |  |  | $ | 34,100 |  |  | $ | 65,910 |  |  | $ | — |  |  | $ | (6,332 | ) |  | $ | 59,578 |
Non-competition agreement |  |  | 111 |  |  |  | — |  |  |  | 111 |  |  |  | — |  |  |  | (54 | ) |  |  | 57 |
Transition services agreement |  |  | 23 |  |  |  | — |  |  |  | 23 |  |  |  | — |  |  |  | (23 | ) |  |  | — |
Customer relations |  |  | — |  |  |  | 5,700 |  |  |  | 5,700 |  |  |  | — |  |  |  | (380 | ) |  |  | 5,320 |
Other |  |  | — |  |  |  | 700 |  |  |  | 700 |  |  |  | — |  |  |  | (700 | ) |  |  | — |
Total intangibles |  | $ | 31,944 |  |  | $ | 40,500 |  |  | $ | 72,444 |  |  | $ | — |  |  | $ | (7,489 | ) |  | $ | 64,955 |
|  | December 31, 2021 |  |  | Six Months Ended June 30, 2022 | June 30, 2022 |
|  | Gross Carrying Amount |  |  | Additions |  |  | Gross Carrying Amount |  |  | Intangible Impairments |  |  | Accumulated Amortization |  |  | Net Book Value |
Trademarks |  | $ | 65,910 |  |  | $ | — |  |  | $ | 65,910 |  |  | $ | — |  |  | $ | (9,643 | ) |  | $ | 56,267 |
Non-competition agreement |  |  | 111 |  |  |  | — |  |  |  | 111 |  |  |  | — |  |  |  | (72 | ) |  |  | 39 |
Transition services agreement |  |  | 23 |  |  |  | — |  |  |  | 23 |  |  |  | — |  |  |  | (23 | ) |  |  | — |
Customer relations |  |  | 5,700 |  |  |  | — |  |  |  | 5,700 |  |  |  | — |  |  |  | (665 | ) |  |  | 5,035 |
Other |  |  | 700 |  |  |  | — |  |  |  | 700 |  |  |  | — |  |  |  | (700 | ) |  |  | — |
Total intangibles |  | $ | 72,444 |  |  | $ | — |  |  | $ | 72,444 |  |  | $ | — |  |  | $ | (11,103 | ) |  | $ | 61,341 |
Summary of Estimated Aggregate Amortization Expense of Intangible Assets | The following table sets forth the estimated aggregate amortization of the Company’s in-place intangible assets and favorable intangible assets for the next five years and thereafter (amounts in thousands):
Remainder of 2022 |  | $ | 3,614 |
2023 |  |  | 7,214 |
2024 |  |  | 7,171 |
2025 |  |  | 7,130 |
2026 |  |  | 7,130 |
Thereafter |  |  | 29,082 |
Total |  | $ | 61,341 |

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