Goodwill and Other Intangible Assets, Net

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets, Net

Goodwill and Other Intangible Assets, Net

The changes in the carrying amount of goodwill for the years ended December 31, 2022 and 2021 were as follows (in thousands):

	Goodwill
Balance at December 31, 2020	$	556,211
Sale of Insurance Business	(68,978)
Cumulative translation adjustment	(314)
Balance at December 31, 2021	$	486,919
Disposal of Business	(842)
Cumulative translation adjustment	508
Balance at December 31, 2022	$	486,585

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 2022 and 2021, 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, 2022
	Gross Amount		Accumulated Amortization		Net Carrying Amount		Weighted- Average Remaining Life (Years)
Definite life intangible assets:
Customer-related	$	173,436	$	74,337	$	99,099	9.3
Technology	23,997		23,997		—		N/A
Noncompete agreements	19,818		19,078		740		3.9
Patents	11,473		10,430		1,043		3.1
All other	17,035		7,442		9,593		8.7
Total definite life intangible assets	245,759		135,284		110,475		9.2
Indefinite life intangible assets:
Trade names	79,570		—		79,570		N/A
Licenses	2,284		—		2,284		N/A
Domain name	454		—		454		N/A
Total indefinite life intangible assets	82,308		—		82,308		N/A
Total	$	328,067	$	135,284	$	192,783	9.2

	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

Intangible amortization expense was $15.7 million, $23.3 million and $28.3 million for the years ended December 31, 2022, 2021 and 2020, 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 2022. There were no impairment charges for the Company’s definite and indefinite life intangibles for the years ended December 31, 2022, 2021 and 2020. 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, 2022 is as follows (in millions):

2023	$	14.6
2024	14.6
2025	14.6
2026	14.2
2027	9.9
2028 and thereafter	42.6
Total	$	110.5