Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets

Goodwill and Intangible Assets

5.    Goodwill and Intangible Assets

The following is a summary of changes to the goodwill carrying value from December 31, 2021 to March 31, 2022:

(in thousands)
Goodwill at December 31, 2021	$	350,560
Measurement period adjustments		(6,915)
Foreign exchange impact		(979)
Goodwill at March 31, 2022	$	342,666

The following table summarizes the Company’s intangible assets and related accumulated amortization:

(in thousands)	March 31, 2022						December 31, 2021
	Gross Carrying		Accumulated		Net Carrying		Gross Carrying		Accumulated		Net Carrying
	Amount		Amortization		Amount		Amount		Amortization		Amount
Trademarks and brands	$	11,734	$	(3,644)	$	8,090	$	11,735	$	(3,422)	$	8,313
Customer relationships		146,093		(40,044)		106,049		143,728		(36,831)		106,897
Developed technology		77,071		(36,746)		40,325		72,065		(33,937)		38,128
Non-compete agreements		67		(19)		48		68		(11)		57
Total intangible assets	$	234,965	$	(80,453)	$	154,512	$	227,596	$	(74,201)	$	153,395

Amortization expense for the three months ended March 31, 2022 and March 31, 2021 is $6.3 million and $4.5 million, respectively.

Estimated future expected amortization expense of intangible assets as of March 31, 2022 is as follows:

(in thousands)
2022 (for remaining nine months)	$	18,725
2023		24,901
2024		23,341
2025		21,199
2026		16,094
2027		13,884
Thereafter		36,368
Total	$	154,512

The weighted-average remaining useful life by major asset classes as of March 31, 2021 is as follows:

	(In years)
Trademarks and brands	10
Customer relationships	8
Developed technology	4
Non-compete agreements	1

There were no impairments identified during the three months ended March 31, 2022 or March 31, 2021.