GOODWILL

3 Months Ended

Mar. 31, 2023

GOODWILL [Abstract]

GOODWILL

6. GOODWILL

The changes in the carrying amount of goodwill consisted of the following (in thousands):

	Three Months Ended		Year Ended
	March 31, 2023		December 31, 2022
Beginning balance	$	494,101	$	434,679
Goodwill acquired		5,424		72,674
Goodwill adjustments for purchase price allocation of businesses acquired in prior year		1,822		(4,140	)
Goodwill impairment		-		(9,112	)
Ending balance	$	501,347	$	494,101

During the year ended December 31, 2022, the Company recorded a charge for goodwill impairment of $9.1 million related to the IIP Acquisition. The impairment is related to a change in the IIP Acquisition’s current and projected operating income as well as various market inputs based on current market conditions, including the higher interest rate environment.