Quarterly report pursuant to Section 13 or 15(d)

INTANGIBLE ASSETS AND GOODWILL

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INTANGIBLE ASSETS AND GOODWILL
 3 Months Ended
Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS AND GOODWILL INTANGIBLE ASSETS AND GOODWILL
Intangible Assets, Net
Intangible assets, net consisted of the following as of March 31, 2022 and December 31, 2021:
(in thousands)
March 31, 2022 December 31, 2021
Estimated
Useful
Life in
Years 		Gross
Carrying
Amount 		Accumulated
Amortization		 Net
Carrying
Value 		Gross
Carrying
Amount 		Accumulated
Amortization		 Net
Carrying
Value
Amortizing Intangible Assets:
Customer Relationships
3 to 5
 $ 7,400  $ (7,400) $ —  $ 7,400  $ (7,400) $ — 
Trademarks and Patent
2 to 8
 4,500  (1,303) 3,197  4,500  (750) 3,750 
Operating Licenses 14 100,701  (8,654) 92,047  100,701  (6,864) 93,837 
Total Amortizing Intangible Assets 112,601  (17,357) 95,244  112,601  (15,014) 97,587 
Non-Amortizing Intangible Assets:
Trade Name Indefinite 32,050  —  32,050  32,050  —  32,050 
Total Non-Amortizing Intangible Assets 32,050  —  32,050  32,050  —  32,050 
Total Intangible Assets, Net $ 144,651  $ (17,357) $ 127,294  $ 144,651  $ (15,014) $ 129,637 
Amortization expense for the three months ended March 31, 2022 and 2021 was $2.34 million and $0.19 million, respectively.
Goodwill
Goodwill arises from the purchase price for acquired businesses exceeding the fair value of tangible and intangible assets acquired less assumed liabilities.
The Company conducts its annual goodwill impairment assessment on September 30, and between annual tests if the Company becomes aware of an event or a change in circumstances that would indicate the carrying value may be impaired. Management did not identify any impairment triggers during the first quarter of 2022 and concluded there was no impairment of goodwill.
For the purpose of the goodwill impairment assessment, the Company has the option to perform a qualitative assessment (commonly referred to as “step zero”) to determine whether further quantitative analysis for impairment of goodwill or indefinite-lived intangible assets is necessary or a quantitative assessment (“step one”) where the Company estimates the fair value of each reporting unit using a discounted cash flow method (income approach). Goodwill is assigned to the reporting unit, which is the operating segment level or one level below the operating segment. The balance of goodwill at March 31, 2022 and December 31, 2021 remained unchanged at $48.13 million.