Goodwill and Acquired Intangible Assets

12 Months Ended

Dec. 31, 2019

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill and Acquired Intangible Assets

6. Goodwill and Acquired Intangible Assets

The components of acquired intangible assets as of December 31, 2019 and 2018 were as follows:

	December 31, 2019							December 31, 2018
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Value		Gross Carrying Amount		Accumulated Amortization			Net Carrying Value
	(in thousands)
Restaurant relationships	$	497,788	$	(135,482	)	$	362,306	$	494,278	$	(103,457	)	$	390,821
Diner acquisition		48,293		(19,909	)		28,384		47,541		(10,306	)		37,235
Developed technology		35,826		(15,916	)		19,910		38,385		(10,247	)		28,138
Other		2,918		(2,713	)		205		3,676		(2,615	)		1,061
Trademarks		—		—			—		2,225		(2,225	)		—
Below-market lease intangible		—		—			—		2,206		(124	)		2,082
Total amortizable intangible assets		584,825		(174,020	)		410,805		588,311		(128,974	)		459,337
Indefinite-lived trademarks		89,676		—			89,676		89,676		—			89,676
Total acquired intangible assets	$	674,501	$	(174,020	)	$	500,481	$	677,987	$	(128,974	)	$	549,013

The gross carrying amount and accumulated amortization of the Company’s trademarks, developed technology and other intangible assets as of December 31, 2019 were adjusted in aggregate by $5.5 million and $5.4 million, respectively, for certain fully amortized assets that were no longer in use. Additionally, upon adoption of ASC Topic 842, the acquired below-market lease intangible was derecognized resulting in a corresponding adjustment to the operating lease right-of-use asset within the consolidated balance sheets as of January 1, 2019. Amortization of the acquired below-market lease intangible was recognized as rent expense within the consolidated statements of operations. See Note 9, Commitments and Contingencies, for further details.

Amortization expense for acquired intangible assets was $50.7 million, $42.5 million and $28.1 million for the years ended December 31, 2019, 2018 and 2017, respectively.

The changes in the carrying amount of goodwill during the years ended December 31, 2019 and 2018 were as follows.

	Goodwill			Accumulated Impairment Losses		Net Book Value
	(in thousands)
Balance as of December 31, 2017	$	589,862		$	—	$	589,862
Acquisitions		429,377			—		429,377
Balance as of December 31, 2018	$	1,019,239		$	—	$	1,019,239
Acquisitions - measurement period adjustments (a)		(11,271	)		—		(11,271	)
Balance as of December 31, 2019	$	1,007,968		$	—	$	1,007,968

(a) The change in the carrying amount of goodwill during the year ended December 31, 2019 was primarily related to changes in the fair value of net deferred tax assets for the purchase price allocations of the Tapingo and LevelUp acquisitions during the measurement period.

The Company acquired intangible assets of $4.3 million and $76.1 during the years ended December 31, 2019 and 2018, respectively, as a result of the acquisitions of LevelUp and Tapingo and the acquisitions of certain restaurant and diner network assets. The components of the acquired intangible assets added during the years ended December 31, 2019 and 2018 were as follows: 

	Year Ended December 31, 2019				Year Ended December 31, 2018
	Amount		Weighted-Average Amortization Period		Amount		Weighted-Average Amortization Period
	(in thousands)		(years)		(in thousands)		(years)
Restaurant relationships	$	3,510		19.5	$	36,697		17.5
Developed technology		—				29,862		4.7
Diner acquisition		752		5.0		7,294		5.0
Below-market lease intangible		—				2,205		5.8
Total	$	4,262			$	76,058

Estimated future amortization expense of acquired intangible assets as of December 31, 2019 was as follows:

	(in thousands)
2020	$	45,645
2021		38,812
2022		36,843
2023		30,348
2024		28,141
Thereafter		231,016
Total	$	410,805

As of December 31, 2019, the estimated remaining weighted-average useful life of the Company’s acquired intangibles was 13.4 years. The Company recognizes amortization expense for acquired intangibles on a straight-line basis.