Goodwill

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

Goodwill

The following table sets forth the carrying amount and activity of goodwill as of December 31, 2023:

	December 31,
	2023		2022
Balance at the beginning of the period	$	136,463	$	113,574
Acquisitions (Note 3)	153,447		8,319
Measurement period adjustment for business combinations from prior year	—		24,745
Effect of exchange rate on goodwill	5,186		(10,175)
Balance at the end of the period	$	295,096	$	136,463

During the year ended December 31, 2023, the change in goodwill was primarily driven by a $31,967 increase due to the acquisition of Exalos completed during the period, and $112,509 and $8,971 increases due to the acquisitions of GEO and Silicon Radar, respectively, that were completed and finalized during the period, as well as a $5,186 increase in value due to effect of exchange rate on goodwill. See Note 3 — Business Combinations for a detailed discussion of goodwill acquired as well as adjustments due to finalization of the business combination valuations.

The change in goodwill during the year ended December 31, 2022, was primarily driven by a $8,319 increase due to the acquisition of Symeo that was completed during the period, a $24,745 increase related to the finalization of business combination valuations for TeraXion and ON Design, and partially offset by a $10,175 decrease in value due to effect of exchange rate on goodwill.

The Company performed an impairment test of its goodwill as of the first day of the fourth fiscal quarter in accordance with its regularly scheduled testing. The results of this test indicated that the Company’s goodwill was not impaired. There were no other indicators of impairment noted during the years ended December 31, 2023, 2022