Goodwill and Other Intangible Assets, Net

6 Months Ended

Jun. 30, 2017

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets, Net

15.	Goodwill and Other Intangible Assets, Net

The changes in the carrying amount of goodwill by reportable segment for the six months ended June 30, 2017 were as follows (in thousands):

	Financial Services			Real Estate Services		Total
Balance at December 31, 2016	$	451,035		$	412,655	$	863,690
Acquisitions		28,768			6,124		34,892
Measurement period adjustments		(17,057	)		781		(16,276	)
Cumulative translation adjustment		2,447			—		2,447
Balance at June 30, 2017	$	465,193		$	419,560	$	884,753

During the six months ended June 30, 2017, the Company recognized additional goodwill of approximately $28.8 million which was allocated to the Company’s Financial Services segment, and $6.1 million which was allocated to the Company’s Real Estate Services segment. See Note 3—“Acquisitions” for more information.

Goodwill is not amortized and is reviewed annually for impairment or more frequently if impairment indicators arise, in accordance with FASB guidance on Goodwill and Other Intangible Assets.

Other intangible assets consisted of the following (in thousands, except weighted-average remaining life):

	June 30, 2017
	Gross Amount		Accumulated Amortization		Net Carrying Amount		Weighted- Average Remaining Life (Years)
Definite life intangible assets:
Customer-related	$	196,299	$	20,751	$	175,548		14.5
Technology		24,023		8,005		16,018		4.7
Noncompete agreements		31,045		11,557		19,488		2.5
Patents		10,549		9,435		1,114		2.5
All other		19,037		7,938		11,099		8.8
Total definite life intangible assets		280,953		57,686		223,267		12.4
Indefinite life intangible assets:
Trade names		90,293		—		90,293	N/A
Licenses		2,489		—		2,489	N/A
Total indefinite life intangible assets		92,782		—		92,782	N/A
Total	$	373,735	$	57,686	$	316,049		12.4

	December 31, 2016
	Gross Amount		Accumulated Amortization		Net Carrying Amount		Weighted- Average Remaining Life (Years)
Definite life intangible assets:
Customer-related	$	127,749	$	14,386	$	113,363		17.7
Technology		24,570		6,275		18,295		5.2
Noncompete agreements		16,478		7,597		8,881		2.7
Patents		10,300		8,432		1,868		1.7
All other		13,426		5,996		7,430		3.7
Total definite life intangible assets		192,523		42,686		149,837		14.4
Indefinite life intangible assets:
Trade names		96,386		—		96,386	N/A
Licenses		1,500		—		1,500	N/A
Total indefinite life intangible assets		97,886		—		97,886	N/A
Total	$	290,409	$	42,686	$	247,723		14.4

Intangible amortization expense was $8.8 million and $4.9 million for the three months ended June 30, 2017 and 2016, respectively. Intangible amortization expense was $15.0 million and $10.3 million for the six months ended June 30, 2017 and 2016, respectively. Intangible amortization is included as part of “Other expenses” in the Company’s unaudited condensed consolidated statements of operations.

There were no impairment charges for the Company’s definite and indefinite life intangibles for the three and six months ended June 30, 2017 and 2016.

The estimated future amortization expense of definite life intangible assets as of June 30, 2017 is as follows (in millions):

2017	$	14.9
2018		26.3
2019		24.6
2020		18.5
2021		17.2
2022 and thereafter		121.8
Total	$	223.3

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

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