Goodwill and Other Intangible Assets, Net

3 Months Ended

Mar. 31, 2022

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, 2021	$	560,332
Acquisitions	97,168
Measurement period adjustments	(369)
Balance, December 31, 2021	657,131

Measurement period adjustments	(608)
Balance, March 31, 2022	$	656,523

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, 2021, 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):


	March 31, 2022
	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	12,684		(6,560)		6,124		3.3
Non-contractual customers	30,131		(13,381)		16,750		9.2
License agreements	4,981		(4,981)		—		0.0
Non-compete agreements	6,558		(4,142)		2,416		3.4
Contractual customers	33,371		(4,830)		28,541		6.4
Other	4,552		(1,857)		2,695		5.0
Total	$	109,017	$	(35,751)	$	73,266	6.7


	December 31, 2021
	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	12,765		(6,021)		6,744		3.7
Non-contractual customers	30,131		(12,815)		17,316		9.4
License agreements	4,981		(4,981)		—		0.0
Non-compete agreements	6,558		(3,898)		2,660		3.5
Contractual customers	33,731		(3,822)		29,909		7.0
Other	4,552		(1,722)		2,830		5.3
Total	$	109,458	$	(33,259)	$	76,199	7.1

Intangible amortization expense for the three months ended March 31, 2022 and 2021 was $2.6 million, and $1.7 million, 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 March 31, 2022 was as follows (in thousands):


2022	$	7,550
2023	9,781
2024	9,227
2025	7,880
2026	6,785
Thereafter	15,303
Total	$	56,526