Goodwill and Other Intangible Assets, Net

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets, Net

The changes in the carrying amount of goodwill for the year ended December 31, 2021 and 2020 were as follows (in thousands):

	Goodwill
Balance at December 31, 2019	$	553,745
Acquisitions	3,065
Measurement period adjustments	(301)
Cumulative translation adjustment	(298)
Balance at December 31, 2020	$	556,211
Sale of Insurance Business	(68,978)
Cumulative translation adjustment	(314)
Balance at December 31, 2021	$	486,919

For additional information on Goodwill, see Note 4—“Acquisitions.”

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

The Company completed its annual goodwill impairment testing during the fourth quarters of 2021 and 2020, respectively, which did not result in any goodwill impairment. See Note 3—“Summary of Significant Accounting Policies” for more information.

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

	December 31, 2021
	Gross Amount		Accumulated Amortization		Net Carrying Amount		Weighted- Average Remaining Life (Years)
Definite life intangible assets:
Customer-related	$	173,786	$	61,571	$	112,215	10.1
Technology	23,997		23,427		570		0.2
Noncompete agreements	19,820		18,891		929		4.9
Patents	10,861		10,265		596		2.6
All other	17,269		5,738		11,531		9.0
Total definite life intangible assets	245,733		119,892		125,841		9.9
Indefinite life intangible assets:
Trade names	79,570		—		79,570		N/A
Licenses	2,336		—		2,336		N/A
Total indefinite life intangible assets	81,906		—		81,906		N/A
Total	$	327,639	$	119,892	$	207,747	9.9

	December 31, 2020
	Gross Amount		Accumulated Amortization		Net Carrying Amount		Weighted- Average Remaining Life (Years)
Definite life intangible assets:
Customer-related	$	252,241	$	77,106	$	175,135	10.4
Technology	24,025		20,031		3,994		1.2
Noncompete agreements	30,715		29,596		1,119		5.9
Patents	10,616		10,223		393		1.6
All other	29,566		5,028		24,538		8.3
Total definite life intangible assets	347,163		141,984		205,179		9.9
Indefinite life intangible assets:
Trade names	79,570		—		79,570		N/A
Licenses	2,408		—		2,408		N/A
Total indefinite life intangible assets	81,978		—		81,978		N/A
Total	$	429,141	$	141,984	$	287,157	9.9

Intangible amortization expense was $23.3 million, $28.3 million and $29.4 million for the years ended December 31, 2021, 2020 and 2019, respectively. Intangible amortization is included as part of “Other expenses” in the Company’s consolidated statements of operations.

The Company completed its annual intangible impairment testing during the fourth quarter of 2021. There were no impairment charges for the Company’s definite and indefinite life intangibles for the years ended December 31, 2021, 2020 and 2019. See Note 3—“Summary of Significant Accounting Policies” for more information.

The estimated future amortization expense of definite life intangible assets as of December 31, 2021 is as follows (in millions):

2022	$	15.3
2023	14.5
2024	14.5
2025	14.5
2026	14.1
2027 and thereafter	52.9
Total	$	125.8