XML 16 R18.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
GOODWILL AND INTANGIBLE ASSETS, NET
 12 Months Ended
Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND INTANGIBLE ASSETS, NET
GOODWILL AND INTANGIBLE ASSETS, NET
Goodwill
Changes in goodwill during the years ended December 31, 2019 and 2018 are summarized below:
(in thousands)
Total
 
 
Balance as of January 1, 2018
$
86,283

Disposition (1)
(2,256
)
Write-off (2)
(2,640
)
Balance as of December 31, 2018
81,387

Disposition (1)
(2,378
)
Write-off (2)
(5,160
)
 
 
Balance as of December 31, 2019
$
73,849

______________________________________
(1) 
During 2018, goodwill was reduced by $2.3 million in connection with the sale of the rental property management business to RESI (see Note 4). During 2019, the Company sold the Financial Services Business (see Note 4) which had $2.4 million of goodwill attributed to it.
(2) 
During 2018, we recorded a $2.6 million write-off of goodwill attributable to the BRS business, as a result of our decision to discontinue the BRS business in the fourth quarter of 2018 (see Note 8). During 2019, we recorded a $5.2 million write-off of goodwill attributable to the Owners.com business, as a result of our decision to wind down and close the business (see Note 8).
Intangible Assets, Net
Intangible assets, net consist of the following as of December 31:
 
 
Weighted average estimated useful life (in years)
 
Gross carrying amount
 
Accumulated amortization
 
Net book value
(in thousands)
 
 
2019
 
2018
 
2019
 
2018
 
2019
 
2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Definite lived intangible assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Customer related intangible assets
 
9
 
$
214,973

 
$
273,172

 
$
(176,043
)
 
$
(207,639
)
 
$
38,930

 
$
65,533

Operating agreement
 
20
 
35,000

 
35,000

 
(17,376
)
 
(15,632
)
 
17,624

 
19,368

Trademarks and trade names
 
16
 
9,709

 
11,349

 
(5,893
)
 
(6,244
)
 
3,816

 
5,105

Non-compete agreements
 
4
 
1,230

 
1,230

 
(1,215
)
 
(1,026
)
 
15

 
204

Intellectual property
 
10
 
300

 
300

 
(175
)
 
(145
)
 
125

 
155

Other intangible assets
 
5
 
3,745

 
3,745

 
(3,209
)
 
(2,457
)
 
536

 
1,288

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
 
 
$
264,957

 
$
324,796

 
$
(203,911
)
 
$
(233,143
)
 
$
61,046

 
$
91,653


Amortization expense for definite lived intangible assets was $19.0 million, $28.4 million and $35.4 million for the years ended December 31, 2019, 2018 and 2017, respectively. Expected annual definite lived intangible asset amortization expense for 2020 through 2024 is $13.5 million, $10.6 million, $5.2 million, $5.1 million and $5.1 million, respectively.