XML 33 R23.htm IDEA: XBRL DOCUMENT v3.23.2
Goodwill and Other Intangible Assets, Net
6 Months Ended
Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets, Net Goodwill and Other Intangible Assets, Net
The changes in the carrying amount of goodwill were as follows (in thousands):
Balance, January 1, 2022$657,131 
Acquisitions50,756 
Measurement period and currency translation adjustments(1,993)
Balance, December 31, 2022705,894 
Acquisitions75,638 
Divestiture(9,222)
Measurement period and currency translation adjustments3,545 
Balance, June 30, 2023$775,855 

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, 2022, which did not result in a goodwill impairment (see Note 4 — “Acquisitions” for more information). During the six months ended June 30, 2023, the Company sold a previous acquisition and wrote off $9.2 million of goodwill.

Other intangible assets consisted of the following (in thousands, except weighted-average life):
 June 30, 2023
 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 names16,360 (9,283)7,077 2.4
Non-contractual customers30,131 (16,066)14,065 8.3
Non-compete agreements12,523 (5,949)6,574 4.5
Contractual customers60,572 (14,535)46,037 4.0
Other4,551 (2,525)2,026 11.4
 Total$140,877 $(48,358)$92,519 4.7

 December 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 names12,893 (8,103)4,790 2.4
Non-contractual customers30,131 (14,995)15,136 8.6
License agreements4,981 (4,981)— — 
Non-compete agreements9,557 (5,113)4,444 3.1
Contractual customers48,257 (10,690)37,567 5.7
Other4,551 (2,260)2,291 12.4
 Total$127,110 $(46,142)$80,968 5.9

Intangible amortization expense for the three months ended June 30, 2023 and 2022 was $4.6 million and $4.8 million, respectively, and $8.0 million and $7.4 million for the six months ended June 30, 2023 and 2022, 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 June 30, 2023 was as follows (in thousands):
2023$9,121 
202417,798 
202516,363 
202612,820 
20278,826 
Thereafter10,851 
Total$75,779