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GOODWILL AND OTHER INTANGIBLES

12 Months Ended

Dec. 31, 2021

NOTE 6 – GOODWILL AND OTHER INTANGIBLES

Goodwill:

Goodwill is reviewed for impairment annually during the fourth quarter, or more frequently if events or changes in circumstances indicate that impairment may exist. Goodwill is not amortizable for financial statement purposes. The Company did not record any goodwill impairment during the years ended December 31, 2021, 2020 or 2019.

The following table identifies the changes in goodwill and certain acquisition intangibles, which were included in “Goodwill” on the accompanying Consolidated Balance Sheets for the years ended December 31, 2021 and 2020 (in thousands):


	2021		2020
Goodwill, balance at January 1,	$	881,030	$	936,814
Change in goodwill related to small acquisitions		493		109
Foreign currency translation		(2,183)		(5,465)
Final purchase price allocation of intangibles related to Mayasa acquisition		—		(50,428)
Goodwill, balance at December 31,	$	879,340	$	881,030

During the year ended December 31, 2020, as result of the final purchase price allocation of the Mayasa acquisition, $61.5 million of intangible assets and $73.4 million of residual goodwill was recorded as of the acquisition date.

Intangibles other than goodwill:

The following table identifies the components of the Company’s intangible assets, inclusive of foreign currency translation adjustments, which were included in “Other assets, net” on the accompanying Consolidated Balance Sheets for the years ended December 31, 2021 and 2020 (in thousands):


	December 31, 2021						December 31, 2020
	Cost of		Accumulated		Net		Cost of		Accumulated		Net
	Intangibles		Amortization		Intangibles		Intangibles		Amortization		Intangibles
Finite-lived intangible assets:
Trade names ⁽¹⁾	$	8,110	$	(3,553)	$	4,557	$	8,363	$	(1,905)	$	6,458
Non-compete agreements ⁽²⁾		6,915		(4,275)		2,640		7,183		(2,713)		4,470
Other intangible assets ⁽³⁾		11,832		(4,181)		7,651		12,200		(2,242)		9,958
Total finite-lived intangible assets		26,857		(12,009)		14,848		27,746		(6,860)		20,886

Indefinite-lived intangible assets:
Trade names		34,348		—		34,348		35,420		—		35,420

Total intangible assets	$	61,205	$	(12,009)	$	49,196	$	63,166	$	(6,860)	$	56,306

⁽¹⁾	Weighted-average remaining useful life of approximately 3.6 years as of December 31, 2021.

⁽²⁾	Weighted-average remaining useful life of approximately 2.6 years as of December 31, 2021.

⁽³⁾	Includes internally-developed software and customer relationships and has an estimated weighted-average remaining useful life of approximately 6.9 years as of December 31, 2021.

During the year ended December 31, 2020, the Company recorded finite-lived and indefinite-lived intangible assets, related to trade names from the Mayasa acquisition, in the amounts of $8.5 million and $36.0 million, respectively. During the year ended December 31, 2020, the Company recorded other finite-lived intangible assets, related to internally-developed software and customer relationships from the Mayasa acquisition, in the amount of $12.4 million. During the years ended December 31, 2021 and 2020, the Company recorded non-compete agreement assets in conjunction with small acquisitions, including the acquisition of Mayasa, in the amounts of less than $0.1 million and $4.7 million, respectively. Other than the non-compete agreement assets, the Company did not record additional finite-lived or indefinite-lived intangible assets during the year ended December 31, 2021.

For the years ended December 31, 2021, 2020 and 2019, the Company recorded aggregate amortization expense related to its intangible assets in the amounts of $4.9 million, $5.3 million and $0.3 million, respectively.

The following table identifies the estimated amortization expense of the Company’s intangibles for each of the next five years, and the aggregate thereafter, and reconciles to net, finite-lived intangible assets included in “Other assets, net” on the accompanying Consolidated Balance Sheets as of December 31, 2021 (in thousands):


	December 31, 2021
	Amortization Expense
2022	$	5,227
2023		2,658
2024		1,372
2025		1,366
2026		1,341
Thereafter		2,884
Total net, finite-lived intangible assets	$	14,848