Company: NODK
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0001174947-25-000304
Chunk: 1645

Company: NI Holdings, Inc.
Filing Date: 2025-03-07
Form: 10-K
Item: Item 5
Chunk 1645
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3. The determination of the fair value of the reporting unit was based on a combination of a market approach that considered benchmark
company market multiples, and an income approach that utilized discounted cash flows. Under the income approach, we determined fair value
based on the present value of the most recent cash flow projections for the reporting unit as of the date of the analysis and calculated
a terminal value utilizing a terminal growth rate. The significant assumptions under this approach included, among others: income projections,
new product introductions, customer behavior, competitor pricing, operating expenses, the discount rate, and the terminal growth rate.
The cash flows used to determine fair value were dependent on a number of significant management assumptions such as our expectations
of future performance and the expected future economic environment, which were partly based upon our historical experience. Additionally,
the discount rate and the terminal growth rate were based on our judgment of the rates that would be utilized by a hypothetical market
participant.

82 

Other Intangible Assets

The following table presents on a consolidated basis, including
both continuing and discontinued operations, the carrying amount of the Company’s other intangible assets:

    December 31, 2024 
    Gross Carrying
 Amount  
    Accumulated
 Amortization  
    Net 
  
    Subject to amortization: 

    Trade names 
    $—  
    $—  
    $— 
  
    Distribution network 
     —  
     —  
     — 
  
    Total subject to amortization 
     —  
     —  
     — 
  
    Not subject to amortization: 

    State insurance licenses 
     100  
     —  
     100 
  
    Total 
    $100  
    $—  
    $100 

    December 31, 2023 
    Gross Carrying
 Amount  
    Accumulated
 Amortization  
    Net 
  
    Subject to amortization: 

    Trade names 
    $748  
    $448  
    $300 
  
    Distribution network 
     6,700  
     1,489  
     5,211 
  
    Total subject to amortization 
     7,448  
     1,937  
     5,511 
  
    Not subject to amortization 

    State insurance licenses 
     1,900  
     —  
     1