Intangible Assets and Goodwill

12 Months Ended

Dec. 31, 2021

Intangible Assets and Goodwill

Intangible Assets and Goodwill

9. Intangible Assets and Goodwill

Intangibles

Intangible assets are stated at cost or acquisition-date fair value less amortization and impairment and consist of the following:

	Weighted Average	December 31, 2021
	Remaining Useful Life	Gross Carrying		Accumulated		Intangible
	(in Years)	Amount (a)		Amortization		Asset, net
Customer relationships	9.5	$	508,241	$	(316,084)	$	192,157
Developed technology	2.8		88,553		(87,612)		941
Trade names (b)	Indefinite-lived		8,400		(3,100)		5,300
Outsource contract costs	3.6		16,814		(14,486)		2,328
Internally developed software	3.2		49,108		(27,812)		21,296
Assembled workforce	1		4,473		(3,355)		1,118
Purchased software	12		26,749		(5,350)		21,399
Intangibles, net		$	702,338	$	(457,799)	$	244,539

	Weighted Average	December 31, 2020
	Remaining Useful Life	Gross Carrying		Accumulated		Intangible
	(in Years)	Amount (a)		Amortization		Asset, net
Customer relationships	10.2	$	508,485	$	(278,306)	$	230,179
Developed technology	3.4		88,553		(87,111)		1,442
Trade names (b)	Indefinite-lived		8,400		(3,100)		5,300
Outsource contract costs	3.3		16,331		(13,036)		3,295
Internally developed software	3.7		47,182		(20,152)		27,030
Assembled workforce	2		4,473		(2,237)		2,236
Purchased software	13		26,749		(3,567)		23,182
Intangibles, net		$	700,173	$	(407,509)	$	292,664

(a) Amounts include intangibles acquired in business combinations and asset acquisitions.

(b) The carrying amount of trade names for 2021 and 2020 is net of accumulated impairment losses of $44.1 million. Carrying amount of $5.3 million as at December 31, 2021 represents indefinite-lived intangible asset.

In connection with the completion of the annual impairment tests as of October 1, 2021 and 2020, the Company recorded no impairment charge to goodwill and trade names.

The impairment charges for the year 2019 are included within Impairment of goodwill and other intangible assets in the consolidated statements of operations.

Aggregate amortization expense related to intangibles was $50.5 million, $54.7 million, and $59.3 million for the years ended December 31, 2021, 2020, and 2019, respectively.

Estimated intangibles amortization expense for the next five years and thereafter consists of the following:

	Estimated
	Amortization
	Expense
2022	$	47,395
2023		38,619
2024		30,944
2025		23,416
2026		19,269
Thereafter		79,243
	$	238,886

Goodwill

Goodwill by reporting segment consists of the following:

	Balances as at January 1, 2020 (a)		Additions		Deletions		Impairments		Currency Translation Adjustments		Balances as at December 31, 2020 (a)
ITPS	$	254,120	$	—	$	—	$	—	$	10	$	254,130
HS		86,786		—		—		—		—		86,786
LLPS		18,865		—		—		—		—		18,865
Total	$	359,771	$	—	$	—	$	—	$	10	$	359,781
	Balances as at January 1, 2021 (a)		Additions		Deletions		Impairments		Currency Translation Adjustments		Balances as at December 31, 2021 (a)
ITPS	$	254,130	$	—	$	(825)	$	—	$	(633)	$	252,672
HS		86,786		—		—		—		—		86,786
LLPS		18,865		—		—		—		—		18,865
Total	$	359,781	$	—	$	(825)	$	—	$	(633)	$	358,323

(a) The goodwill amount for all periods presented is net of accumulated impairment amounts. Accumulated impairment relating to ITPS is $316.5 million as at December 31, 2021; and $317.5 million as at December 31, 2020 and December 31, 2019. Accumulated impairment relating to LLPS is $243.4 million as at December 31, 2021, December 31, 2020 and December 31, 2019.