Intangible Assets and Goodwill

3 Months Ended

Mar. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible assets and Goodwill

Intangible Assets and Goodwill

There have been no significant additions to intangible assets or goodwill since December 31, 2019.

Due to the changes in the current economic environment and the recent decline in global equity markets related to the COVID-19 pandemic, we believe that there has been a change in events and circumstances that may indicate that the carrying amount of goodwill might not be recoverable. We have therefore conducted an interim impairment test between our annual tests. This interim test was based on a stretched scenario reflecting the estimated impact of COVID-19, built on top of the business plan used for our 2019 annual test. The test concluded that the reporting unit’s fair value is above its carrying amount, including goodwill. Therefore, no impairment loss was recorded.

In addition, no triggering events have occurred that would indicate impairment of intangible assets.

The estimated amortization expense related to intangible assets for the next five years and thereafter is as follows:

	Software		Technology and customer relationships		Total
	(in thousands)
From April 1 to December 31, 2020	$	6,420	$	8,537	$	14,957
2021	7,414		11,382		18,796
2022	4,826		11,382		16,208
2023	2,652		10,897		13,549
2024	685		8,700		9,385
Thereafter	59		6,852		6,911
Total	$	22,056	$	57,750	$	79,806