Goodwill and Other Intangible Assets, Net

9 Months Ended

Sep. 30, 2019

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets, Net

(16) Goodwill and Other Intangible Assets, Net

The changes in the carrying amount of goodwill were as follows (in thousands):

Balance, January 1, 2018	$	477,532
Acquisitions		40,157
Measurement period adjustments		(2,368	)
Balance, December 31, 2018		515,321
Acquisitions		24,857
Measurement period adjustments		(375	)
Balance, September 30, 2019	$	539,803

 Goodwill is not amortized and is reviewed annually for impairment or more frequently if impairment indicators arise, in accordance with U.S. GAAP guidance on Goodwill and Other Intangible Assets. Newmark completed its annual goodwill impairment testing during the fourth quarter of 2018, which did not result in any goodwill impairment. (See Note 4 — “Acquisitions” for more information).

Other intangible assets consisted of the following (in thousands, except weighted-average life):

	September 30, 2019
	Gross Amount		Accumulated Amortization			Net Carrying Amount		Weighted- Average Remaining Life (Years)
Indefinite life:
Trademark and trade names	$	11,350	$	—		$	11,350	N/A
License agreements (GSE)		5,390		—			5,390	N/A
Definite life:
Trademark and trade names		10,152		(8,923	)		1,229		0.5
Non-contractual customers		11,325		(5,402	)		5,923		1.5
License agreements		4,981		(2,958	)		2,023		0.3
Non-compete agreements		6,474		(2,193	)		4,281		1.3
Contractual customers		2,483		(1,086	)		1,397		0.1
Below market leases		941		(114	)		827		0.6
Total	$	53,096	$	(20,676	)	$	32,420		1.1

	December 31, 2018
	Gross Amount		Accumulated Amortization			Net Carrying Amount		Weighted- Average Remaining Life (Years)
Indefinite life:
Trademark and trade names	$	11,350	$	—		$	11,350	N/A
License agreements (GSE)		5,390		—			5,390	N/A
Definite life:
Trademark and trade names		9,316		(6,706	)		2,610		0.5
Non-contractual customers		11,323		(3,890	)		7,433		1.8
License agreements		4,981		(2,292	)		2,689		0.4
Non-compete agreements		6,267		(1,469	)		4,798		1.4
Contractual customers		1,452		(849	)		603		0.1
Below market leases		941		(45	)		896		0.5
Total	$	51,020	$	(15,251	)	$	35,769		1.2

Intangible amortization expense for each of the three months ended September 30, 2019 and 2018 was $2.8 million and $1.2 million, respectively, and $5.4 million and $4.0 million for the nine months ended September 30, 2019 and 2018, respectively. Intangible amortization is included as a part of “Depreciation and amortization” on the accompanying unaudited condensed consolidated statements of operations.  

The estimated future amortization of definite life intangible assets as of September 30, 2019 was as follows (in thousands):

2019	$	1,350
2020		4,949
2021		3,939
2022		1,894
2023		1,579
Thereafter		1,969
Total	$	15,680