Goodwill and Intangible Assets, net

9 Months Ended

Sep. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets, net:In connection with the Company's business acquisitions, the Company acquired certain tangible and intangible assets. Intangible assets resulting from these acquisitions include client and customer relationships, non-compete agreements, trademarks and technology. The Company performs an annual review of goodwill as of October 1 of each year or more frequently if indicators of impairment exist. The Company performed its most recent annual review as of October 1, 2019 and concluded that no goodwill impairment was necessary. The Company performed its quarterly assessment by evaluating whether any triggering events had occurred as of September 30, 2020, which included considering current market conditions resulting from the global COVID-19 pandemic. The Company concluded that no triggering event had occurred as of September 30, 2020 and will continue to monitor the market for any adverse conditions.

The following table represents the changes in goodwill for the three and nine months ended September 30, 2020 and 2019 (amounts in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019

Balance at beginning of period	$	444,507	$	489,293	$	480,794	$	464,116


Changes:
Acquisition (1)	—		467		—		18,831


Foreign currency translation adjustment	11,801		(24,188)		(24,486)		(17,375)
Net change in goodwill	11,801		(23,721)		(24,486)		1,456



Balance at end of period	$	456,308	$	465,572	$	456,308	$	465,572

(1) The $0.5 million and $18.8 million additions to goodwill during the three and nine months ended September 30, 2019 respectively, were related to the acquisition of a business in Canada.