Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2022

Goodwill [Line Items]

Goodwill and Intangible Assets

12.GOODWILL AND INTANGIBLE ASSETS

Goodwill—Goodwill was recorded in connection with business acquisitions.

No goodwill impairments were recorded during the three months ended March 31, 2022 and 2021.

For the year ended December 31, 2021, the Company performed its annual impairment assessment as of September 30, 2021, which indicated no impairment and there was no change to the carrying amount of goodwill.

Changes in the carrying amount of goodwill during the three months ended March 31, 2022 were as of follows:

			Accumulated			Net
			Impairment			Carrying
	Cost		Loss			Amount
Balance as of December 31, 2021		1,492,681		(25,797	)		1,466,884
Acquisition of Safekeep, Inc.		27,368		—			27,368
Balance as of March 31, 2022		1,520,049		(25,797	)		1,494,252

Intangible Assets—The Company’s intangible assets are primarily the result of business acquisitions.

During the three months ended March 31, 2022 and 2021, the Company did not record an impairment charge.

During the three months ended March 31, 2022, the Company recorded $4.8 million of acquired technology intangible assets as a result of the acquisition of Safekeep (see Note 4).

The intangible assets balance as of March 31, 2022, is reflected below (in thousands):

		Weighted-
		Average
	Estimated	Remaining		Gross					Net
	Useful Life	Useful Life		Carrying		Accumulated			Carrying
	(Years)	(Years)		Amount		Amortization			Amount
Customer relationships	16–18		13.1	$	1,299,750	$	(355,897	)	$	943,853
Acquired technologies	3–7	2.5			187,965		(129,013	)		58,952
Subtotal					1,487,995		(485,190	)		1,002,805
Trademarks—indefinite life					190,470		—			190,470
Total intangible assets				$	1,678,465	$	(485,190	)	$	1,193,275

The intangible assets balance as of December 31, 2021, is reflected below (in thousands):

		Weighted-
		Average
	Estimated	Remaining	Gross					Net
	Useful Life	Useful Life	Carrying		Accumulated			Carrying
	(Years)	(Years)	Amount		Amortization			Amount
Customer relationships	16–18	13.3	$	1,299,750	$	(337,831	)	$	961,919
Acquired technologies	3–7	2.3		183,164		(122,318	)		60,846
Favorable lease terms	6	0.3		280		(266	)		14
Subtotal				1,483,194		(460,415	)		1,022,779
Trademarks—indefinite life				190,470		—			190,470
Total intangible assets			$	1,673,664	$	(460,415	)	$	1,213,249

Amortization expense for intangible assets was $24.8 million and $24.7 million for the three months ended March 31, 2022 and 2021, respectively.

Future amortization expense for the remainder of the year ended December 31, 2022 and the following four years ended December 31 and thereafter for intangible assets as of March 31, 2022, is as follows (in thousands):

Years Ending December 31:
2021	$	74,455
2022		99,003
2023		81,417
2024		72,949
2025		72,949
Thereafter		602,032
Total	$	1,002,805