Goodwill and Intangible Assets |
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| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Intangible Assets | Goodwill and Intangible Assets, Net Goodwill Goodwill represents the excess of the aggregate purchase price over the fair value of net identifiable assets acquired in a business combination. Goodwill is not amortized, but is tested for impairment at the reporting unit level using either a qualitative or quantitative assessment on an annual basis, or whenever events or changes in circumstances indicate that the carrying value may not be recoverable. In the valuation of goodwill, management must make assumptions regarding estimated future cash flows to be derived from the Company’s business. If these estimates or their related assumptions change in the future, the Company may be required to record impairment for these assets. The changes in the carrying amount of goodwill as of March 31, 2025 and December 31, 2024 are as follows:
(1) As of March 31, 2025 and December 31, 2024, the accumulated impairment balance was $72.4 million. There were no impairments of goodwill during the three months ended March 31, 2025. During the three months ended March 31, 2024, the Company recorded a non-cash impairment charge of $3.6 million in the condensed consolidated statements of operations, to recognize a full impairment of goodwill associated with its WildHealth reporting unit, which was sold in 2024. Intangible Assets, Net Intangible assets, net are summarized as follows:
Amortization expense is recognized over the estimated useful life of the asset. Aggregate amortization expense for intangible assets and finance leases, net was $0.2 million and $4.2 million for the three months ended March 31, 2025 and 2024, respectively. There were no impairments of intangible assets during the three months ended March 31, 2025. As a result of the impairment test in the first quarter of 2024, the Company recognized a non-cash impairment charge of $2.2 million included in Impairment of intangibles and other assets in the condensed consolidated statements of operations, related to intangible assets associated with its WildHealth reporting unit, which was sold in 2024. As of March 31, 2025, estimated annual amortization expense for the next five years and thereafter is as follows:
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