Goodwill and Other Intangible Assets, Net

9 Months Ended

Sep. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets, Net

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


Balance, January 1, 2019	$	515,321
Acquisitions	43,804
Measurement period adjustments	(1,211)
Balance, December 31, 2019	557,914
Acquisitions	6,294
Measurement period adjustments	(3,380)

Balance, September 30, 2020	$	559,935

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 for the year ended December 31, 2019, which did not result in a goodwill impairment (see Note 4 — “Acquisitions” for more information).

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


	September 30, 2020
	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	8,449		(7,096)		1,353		0.1
Non-contractual customers	30,131		(8,825)		21,306		7.0
License agreements	4,981		(4,022)		959		0.0
Non-compete agreements	6,982		(3,095)		3,887		0.6
Contractual customers	3,052		(1,482)		1,570		0.4
Below market leases	926		(187)		739		0.2
Total	$	71,261	$	(24,707)	$	46,554	5.1


	December 31, 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	10,511		(9,070)		1,441		0.1
Non-contractual customers	24,262		(6,109)		18,153		7.4
License agreements	4,981		(3,288)		1,693		0.1
Non-compete agreements	6,953		(2,434)		4,519		0.8
Contractual customers	3,052		(1,177)		1,875		0.5
Below market leases	941		(136)		805		0.3
Total	$	67,440	$	(22,214)	$	45,226	4.9

Intangible amortization expense for the three months ended September 30, 2020 and September 30, 2019 was $1.7 million and $2.8 million, respectively, and $5.1 million and $5.4 million for the nine months ended September 30, 2020 and September 30, 2019, respectively. Intangible amortization is included as a part of “Depreciation and amortization” on the accompanying unaudited condensed consolidated statements of operations. Impairment charges are included in intangible amortization expense.

The estimated future amortization of definite life intangible assets as of September 30, 2020 was as follows (in thousands):


2020	$	1,689
2021	5,746
2022	3,706
2023	3,348
2024	2,793
Thereafter	12,532
Total	$	29,814