Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill and Intangible Assets

We performed a goodwill impairment assessment as of December 31, 2021, which included both qualitative and quantitative assessments. Our assessment included a comparison of carrying value to an estimated fair value using a market approach based on our market capitalization. Based on this assessment, we concluded the fair value of all three segments was below the carrying value primarily due to the recent change in our market valuation and financial performance and recorded a goodwill impairment in the amount of $297.9 million. In the three months ended March 31, 2022, as a result of measurement period adjustments, we increased goodwill in the amount of $5.5 million, which was immediately impaired.

The carrying amount of goodwill consisted of the following:

(In thousands)	Goodwill
Balance at December 31, 2021	$	284,268
Measurement period adjustment	5,494
Goodwill and intangible asset impairment	(5,494)
Balance at March 31, 2022	$	284,268

The changes in carrying amounts of intangible assets consisted of the following as of March 31, 2022:

(In thousands)	Trade Names		Technology and Intellectual Property		Customer Relationships		Lease		Total
December 31, 2021	$	29,506	$	54,521	$	30,612	$	674	$	115,313
Additions	—		7,250		—		—		7,250
Amortization	(858)		(3,380)		(838)		(43)		(5,119)
Impairments	(680)		—		—		—		(680)
Foreign exchange	—		(527)		—		—		(527)
March 31, 2022	$	27,968	$	57,864	$	29,774	$	631	$	116,237

An impairment charge of $0.7 million was recognized during the three months ended March 31, 2022 at TTC. No impairment charge was recognized during the three months ended March 31, 2021.

The estimated useful lives of trade names are 3-10 years, the estimated useful life of technology and intellectual property is 5-7 years, and the estimated useful life of customer relationships is 10 years.

Amortization expense was $5.1 million and $0.9 million for the three months ended March 31, 2022 and 2021, respectively.

The estimated amortization expense related to definite-lived intangible assets for the five succeeding years is as follows:

(In thousands)	Trade Name Amortization		Technology and Intellectual Property Amortization		Customer Relationships Amortization		Lease Amortization		Total
Remaining 2022	$	2,393	$	7,701	$	2,718	$	125	$	12,937
2023	3,149		10,394		3,313		169		17,025
2024	3,083		10,394		3,313		169		16,959
2025	3,083		10,394		3,313		168		16,958
2026	3,083		9,743		3,313		—		16,139
Thereafter	13,177		9,238		13,804		—		36,219
	$	27,968	$	57,864	$	29,774	$	631	$	116,237