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Goodwill and Other Intangible Assets
 12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets GOODWILL AND OTHER INTANGIBLE ASSETS
In the fourth quarter of 2022, as a result of the weakened current outlook for digital advertising and consumer demand for art and related goods following substantial declines in revenues and significant operating losses at Leaf, the Company recorded goodwill and amortized intangible asset impairment charges of $129.0 million at the Leaf Media and Leaf Marketplace reporting units. The Company estimated the fair value of the reporting units and amortized intangible assets by utilizing a discounted cash flow model. The carrying values of the reporting units and amortized intangible assets exceeded their estimated fair values, resulting in goodwill and intangible asset impairment charges for the amount by which the carrying values exceeded their estimated fair values after taking into account the effect of deferred income taxes. Leaf is included in other businesses.
In the third quarter of 2021, as a result of the emergence of the COVID-19 Delta variant and continued weak product demand in the commercial office electrical products and hospitality sectors caused by the COVID-19 pandemic, the Company performed an interim review of the goodwill and indefinite-lived intangibles of the Dekko reporting unit. As a result of the impairment review, the Company recorded a $26.7 million goodwill impairment charge. The Company estimated the fair value of the reporting unit by utilizing a discounted cash flow model. The carrying value of the reporting unit exceeded the estimated fair value, resulting in a goodwill impairment charge for the amount by which the carrying value exceeded the estimated fair value after taking into account the effect of deferred income taxes. Dekko is included in manufacturing.
In the first quarter of 2020, as a result of the uncertainty and challenging operating environment created by the COVID-19 pandemic, the Company performed an interim review of the goodwill, indefinite-lived intangibles and other long-lived assets of the CRG and automotive dealership reporting units and asset groups. As a result of the impairment reviews, the Company recorded a $9.7 million goodwill and indefinite-lived intangible asset impairment charge at CRG and a $6.7 million indefinite-lived intangible asset impairment charge at the auto dealerships. The Company estimated the fair value of the reporting units and indefinite-lived intangible assets by utilizing a discounted cash flow model. The carrying value of the CRG reporting unit and the indefinite-lived intangible assets exceeded the estimated fair value, resulting in a goodwill and indefinite-lived intangible asset impairment charge for the amount by which the carrying value exceeded the estimated fair value. CRG is included in other businesses and the automotive dealerships are included in automotive.
Amortization of intangible assets for the years ended December 31, 2022, 2021 and 2020, was $58.9 million, $57.9 million and $56.8 million, respectively. Amortization of intangible assets is estimated to be approximately $50 million in 2023, $37 million in 2024, $29 million in 2025, $20 million in 2026, $6 million in 2027 and $19 million thereafter.
The changes in the carrying amount of goodwill, by segment, were as follows:
(in thousands)EducationTelevision
Broadcasting		ManufacturingHealthcareAutomotiveOther
Businesses		Total
As of December 31, 2020    
Goodwill$1,183,379 $190,815 $234,993 $98,421 $39,121 $91,351 $1,838,080 
Accumulated impairment losses
(331,151)— (7,616)— — (14,563)(353,330)
 852,228 190,815 227,377 98,421 39,121 76,788 1,484,750 
Acquisitions16,342 — — 19,908 6,705 162,048 205,003 
Impairment— — (26,686)— — — (26,686)
Foreign currency exchange rate changes
(13,485)— — — — — (13,485)
As of December 31, 2021    
Goodwill1,186,236 190,815 234,993 118,329 45,826 253,399 2,029,598 
Accumulated impairment losses
(331,151)— (34,302)— — (14,563)(380,016)
 855,085 190,815 200,691 118,329 45,826 238,836 1,649,582 
Measurement period adjustment1,081 — — 249 — (2,183)(853)
Acquisitions— — — 17,292 38,871 — 56,163 
Impairment— — — — — (102,124)(102,124)
Foreign currency exchange rate changes
(41,815)— — — — — (41,815)
As of December 31, 2022
Goodwill1,145,502 190,815 234,993 135,870 84,697 251,216 2,043,093 
Accumulated impairment losses
(331,151)— (34,302)— — (116,687)(482,140)
 $814,351 $190,815 $200,691 $135,870 $84,697 $134,529 $1,560,953 
The changes in carrying amount of goodwill at the Company’s education division were as follows:
(in thousands)Kaplan
International		Higher
Education		Supplemental EducationTotal
As of December 31, 2020   
Goodwill$634,749 $174,564 $374,066 $1,183,379 
Accumulated impairment losses
— (111,324)(219,827)(331,151)
 634,749 63,240 154,239 852,228 
Acquisitions— — 16,342 16,342 
Foreign currency exchange rate changes
(13,481)— (4)(13,485)
As of December 31, 2021
Goodwill621,268 174,564 390,404 1,186,236 
Accumulated impairment losses
— (111,324)(219,827)(331,151)
 621,268 63,240 170,577 855,085 
Measurement period adjustment— — 1,081 1,081 
Foreign currency exchange rate changes
(41,707)— (108)(41,815)
As of December 31, 2022  
Goodwill579,561 174,564 391,377 1,145,502 
Accumulated impairment losses
— (111,324)(219,827)(331,151)
 $579,561 $63,240 $171,550 $814,351 
Other intangible assets consist of the following:
  As of December 31, 2022As of December 31, 2021
(in thousands)Useful
Life
Range		Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount		Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount
Amortized Intangible Assets      
Student and customer relationships
2–10 years
$297,766 $230,429 $67,337 $300,027 $206,714 $93,313 
Trade names and trademarks
2–15 years
148,102 81,078 67,024 158,365 68,113 90,252 
Network affiliation agreements
10 years
17,400 10,367 7,033 17,400 8,628 8,772 
Databases and technology
3–6 years
36,216 32,219 3,997 36,585 26,464 10,121 
Noncompete agreements
2–5 years
1,000 995 5 1,000 991 9 
Other
1–8 years
43,644 27,618 16,026 68,500 23,847 44,653 
  $544,128 $382,706 $161,422 $581,877 $334,757 $247,120 
Indefinite-Lived Intangible Assets
      
Franchise agreements $85,858   $44,058   
Trade names and trademarks 81,905   86,972 
FCC licenses11,000 11,000 
Licensure and accreditation 150   150   
Other21 — 
  $178,934   $142,180