Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible AssetsGoodwill represents the excess of the fair value of consideration transferred over the fair value of net identifiable assets acquired. Identifiable intangible assets acquired in business combinations are recorded based on their fair values on the date of acquisition.

Intangible assets are classified as follows:


	December 31, 2021				December 31, 2020
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Finite-lived intangible assets:
Developed software and core technologies	$	985,685	$	(422,797)	$	859,620	$	(370,338)
Customer lists	203,072		(57,175)		288,085		(136,093)
Trade names	182,554		(128,577)		175,626		(122,392)
Total	$	1,371,311	$	(608,549)	$	1,323,331	$	(628,823)
Indefinite-lived intangible asset:
Trade name	$	357			$	357

Finite-lived intangible assets are amortized over their estimated useful lives of two years to seventeen years. Amortization expense for the intangible assets reflected above was $76.0 million, $57.2 million and $36.9 million for the years ended December 31, 2021, 2020 and 2019, respectively.

As of December 31, 2021, estimated future amortization expense for the intangible assets reflected above is as follows:


(in thousands)
2022	$	84,264
2023	89,105
2024	90,178
2025	88,744
2026	87,187
Thereafter	323,284
Total intangible assets subject to amortization, net	762,762
Indefinite-lived trade name	357
Other intangible assets, net	$	763,119

The changes in goodwill during the years ended December 31, 2021 and 2020 were as follows:


(in thousands)	2021		2020
Beginning balance - January 1	$	3,038,306	$	2,413,280
Acquisitions and adjustments(1)	391,534		596,054

Currency translation	(20,569)		28,972
Ending balance - December 31	$	3,409,271	$	3,038,306

(1) In accordance with the accounting for business combinations, we recorded adjustments to goodwill for the effect of changes in the provisional fair values of the assets acquired and liabilities assumed during the measurement period (up to one year from the acquisition date) as we obtained new information about facts and circumstances that existed as of the acquisition date that, if known, would have affected the measurement of the amounts recognized as of that date. Such adjustments are not material to our consolidated financial statements.

During the first quarter of 2021, we completed the annual impairment test for goodwill and the indefinite-lived intangible asset and determined that these assets had not been impaired as of the test date, January 1, 2021. No other events or circumstances changed during the year ended December 31, 2021 that would indicate that the fair values of our reporting unit and indefinite-lived intangible asset are below their carrying amounts.