Goodwill

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

The following table sets forth the carrying amount and activity of goodwill as of September 30, 2022:


	Amount
Balance as of December 31, 2021	$	115,206
Acquisitions (Note 2)	14,268

Measurement period adjustment for business combinations from prior year	25,567
Effect of exchange rate on goodwill	(13,003)
Balance as of September 30, 2022	$	142,038

The change in goodwill is primarily driven by $14,268 increase during the nine months ended September 30, 2022 due to acquisition of Symeo that was completed during the period, $25,567 increase related to the finalization of business combination valuations for TeraXion and ON Design and partially offset by $13,003 decrease in value due to effect of exchange rate on goodwill. See Note 2 for a detailed discussion of goodwill acquired as well as adjustments due to finalization of the business combination valuations.

The Company tests its goodwill for impairment annually as of the first day of its fourth fiscal quarter and in interim periods if certain events occur indicating the carrying value of goodwill may be impaired. There were no indicators of impairment noted during the nine months ended September 30, 2022.