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Goodwill and Intangible Assets
 12 Months Ended
Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible Assets
The changes in the carrying amount of the Company’s goodwill by reportable segment for the years ended December 31, 2021, 2020 and 2019 are as follows:
WarehouseThird-party managedTransportationUnallocated AcquisitionsTotal
(In thousands)
December 31, 2018$170,896 $2,890 $12,309 — $186,095 
Goodwill acquired130,919 — 1,452 — 
Impact of foreign currency translation
9 (8)16 — 17 
December 31, 2019301,824 2,882 13,777 — 318,483 
Goodwill acquired
116,275 — 8,546 346,673 471,494 
Purchase price allocation adjustments1,115 — — — 1,115 
Impact of foreign currency translation
2,513 379 351 — 3,243 
December 31, 2020421,727 3,261 22,674 346,673 794,335 
Goodwill acquired
92,849 — 700 — 93,549 
Purchase price allocation adjustments
541,872 — 6,746 (346,673)201,945 
Impact of foreign currency translation
(16,333)(50)(466)— (16,849)
December 31, 2021$1,040,115 $3,211 $29,654 $— $1,072,980 
The goodwill acquired in 2020 related to the AM-C, Newport and Nova Cold acquisitions and was allocated to the Warehouse segment. The goodwill resulting from the Hall’s and Agro acquisitions in 2020 was allocated between the Warehouse and Transportation segments during 2021 as the acquired assets had not yet been assigned to the respective segments as of December 31, 2020 given the short period of time between the acquisition dates and year-end. The goodwill acquired in 2021 related to the Bowman Stores, ColdCo, Lago Cold Stores, Liberty Freezers and Newark Facility Management acquisitions was allocated to the Warehouse segment. The goodwill acquired in 2021 related to the KMT Brrr! acquisition was allocated between the Warehouse and Transportation segments. Refer to Note 3 for additional information.
Intangible assets subject to amortization as of December 31, 2021 and 2020 are as follows:
Customer relationshipsAbove-market leasesIn-place leaseBelow-market leasesAssembled WorkforceTrade names and trademarksTotal
(In thousands, except years)
Gross - January 1, 2021
$830,198 $143 $3,778 $9,126 $1,047 $1,623 $845,915 
Additions
301,427 — — — — — 301,427 
Purchase Price Allocation Adjustments(69,973)— — — — — (69,973)
Foreign currency translation(9,501)— — — — — (9,501)
Reclassification to Operating lease right-of-use asset— (47)— (3,079)— — (3,126)
Accumulated amortization
(87,565)(96)(2,726)(6,047)(795)(1,623)(98,852)
Net definite lived intangible assets
$964,586 $— $1,052 $— $252 $— 965,890 
Indefinite lived intangible asset (Trade name)
15,076 
 Identifiable intangible assets – net, December 31, 2021
$980,966 
Weighted-average remaining useful life at December 31, 2021
28.0N/A1.8N/A1.1N/A28.0
Gross - January 1, 2020
$300,421 $143 $3,778 $9,126 $908 $1,623 $315,999 
Additions
528,518 — — — 139 — 528,657 
Foreign currency translation1,260 — — — — — 1,260 
Accumulated amortization
(53,321)(81)(2,152)(5,945)(447)(1,623)(63,569)
Net definite lived intangible assets
$776,878 $62 $1,626 $3,181 $600 $— 782,347 
Indefinite lived intangible asset (Trade name)
15,076 
 Identifiable intangible assets – net, December 31, 2020
$797,423 
Weighted-average remaining useful life at December 31, 2020
24.32.82.832.21.9N/A24.3
Additions in 2020 relate to the Agro, AM-C, Caspers, Hall’s, Newport and Nova Cold acquisitions. Additions in 2021 relate to the Bowman Stores, ColdCo, KMT Brrr!, Lago Cold Stores, Liberty Freezers and Newark Facility Management acquisitions. Refer to Notes 2 and 3 for further details of each acquisition.
The following table describes the estimated amortization of definite-lived intangible assets for the next five years.
Estimated Amortization of Intangible Assets
(In thousands)
Years Ending December 31:
2022$38,572 
202338,387 
202437,820 
202537,732 
202636,711 
Total
$189,222