Goodwill and Intangibles

9 Months Ended

Sep. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangibles

Note 9. Goodwill and Intangibles

Changes in goodwill for the nine months ended September 30, 2021 is as follows:

Balance at December 31, 2020	$	369,982
Purchase price adjustment		(188	)
Increase from acquisitions		47,607
Balance at September 30, 2021	$	417,401

Intangibles consists of the following:

	As of September 30, 2021
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Indefinite-lived intangible assets:
Trade names	$	17,350	$	—		$	17,350
Technology		30		—			30
Total indefinite-lived intangible assets		17,380		—			17,380
Finite-lived intangible assets:
Trade names		21,500		(1,392	)		20,108
Management and advisory contracts		150,646		(53,866	)		96,780
Technology		8,160		(6,122	)		2,038
Total finite-lived intangible assets		180,306		(61,380	)		118,926
Total intangible assets	$	197,686	$	(61,380	)	$	136,306

	As of December 31, 2020
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Indefinite-lived intangible assets:
Trade names	$	17,350	$	—		$	17,350
Total indefinite-lived intangible assets		17,350		—			17,350
Finite-lived intangible assets:
Trade names		17,360		(368	)		16,992
Management and advisory contracts		139,796		(33,967	)		105,829
Technology		8,160		(4,593	)		3,567
Total finite-lived intangible assets		165,316		(38,928	)		126,388
Total intangible assets	$	182,666	$	(38,928	)	$	143,738

Management and advisory contracts and finite lived trade names are amortized over 7 - 16 years and are being amortized in line with pattern in which the economic benefits arise. Technology is amortized on a straight-line basis over 4 years. The amortization expense for each of the next five years and thereafter are as follows:

Remainder of 2021	$	7,980
2022		24,545
2023		21,098
2024		17,532
2025		13,749
Thereafter		34,022
Total amortization	$	118,926

During the nine months ended September 30, 2021, we identified adjustments related to the timing of amortization of certain finite lived intangible assets. The table above has been adjusted to reflect those timing differences. There was no impact to the Consolidated Statement of Operations nor the Consolidated Balance Sheets as the adjustments related to amounts scheduled to be expensed subsequent to December 31, 2020. We do not believe the impact of the adjustments is material to our consolidated financial statements for any previously issued financial statements taken as a whole, and any impact to our expected net income for future periods has been adjusted for in the table above.