XML 36 R18.htm IDEA: XBRL DOCUMENT v3.22.1
Business Combinations, Intangible Assets, Goodwill and Title Plants
 3 Months Ended
Mar. 31, 2022
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, all Level 3 inputs, are principally based on values obtained from an independent third-party valuation service. In accordance with ASC 350, Intangibles – Goodwill and Other, management determined that no events or changes in circumstances occurred during the three-month periods ended March 31, 2022 and 2021 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, 2022		As of
December 31, 2021
Referral relationships$8,567 $8,567 
Non-compete agreements2,938 2,938 
Tradename747 747 
Total
12,252 12,252 
Accumulated amortization(3,835)(3,505)
Identifiable intangible assets, net
$8,417 $8,747 
The following table provides the estimated aggregate amortization expense for each of the five succeeding fiscal years:
Year Ended (in thousands)
2022$953 
20231,290 
20241,107 
20251,024 
20261,024 
Thereafter2,833 
Total
$8,231 

Goodwill and Title Plants

As of March 31, 2022, the Company recognized $7.2 million in goodwill and $857 thousand 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 ASC 350, management determined that no events or changes in circumstances occurred during the three-month periods ended March 31, 2022 and 2021 that would indicate the carrying amounts may not be recoverable, and therefore, determined that there were no goodwill or title plant impairments.