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Goodwill and Other Intangible Assets (Tables)
12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Carrying Amount of Goodwill

The following table presents the carrying amount of goodwill (in thousands):

 

 

Goodwill

 

Balance at December 31, 2020

$

508,555

 

Acquisition

$

68,395

 

Other

 

(37

)

Balance at December 31, 2021

$

576,913

 

Acquisitions

 

52,489

 

Balance at December 31, 2022

$

629,402

 

Components of Other Intangible Assets

The components of the “Other intangible assets” are as follows (in thousands):

 

 

 

 

 

 

Net

 

 

 

Gross

 

Accumulated

 

Carrying

 

 

 

Amount

 

Amortization

 

Value

 

Life

As of December 31, 2022:

 

 

 

 

 

 

 

Customer relationships

$

249,223

 

$

72,157

 

$

177,066

 

5-15 years

 

 

 

 

 

 

 

 

Carrier network and agent relationships

$

15,000

 

$

4,813

 

$

10,187

 

4 years

 

 

 

 

 

 

 

 

Developed technology

$

10,500

 

$

1,449

 

$

9,051

 

5-7 years

 

 

 

 

 

 

 

 

Trade name

$

6,200

 

$

5,118

 

$

1,082

 

18 months

 

 

 

 

 

 

 

 

Total

$

280,923

 

$

83,537

 

$

197,386

 

 

 

 

 

 

 

 

Net

 

 

 

Gross

 

Accumulated

 

Carrying

 

 

 

Amount

 

Amortization

 

Value

 

Life

As of December 31, 2021:

 

 

 

 

 

 

 

Customer relationships

$

226,623

 

$

53,156

 

$

173,467

 

5-15 years

 

 

 

 

 

 

 

 

Carrier network and agent relationships

$

15,000

 

$

1,063

 

$

13,937

 

4 years

 

 

 

 

 

 

 

 

Developed technology

$

6,500

 

$

232

 

$

6,268

 

7 years

 

 

 

 

 

 

 

 

Trade name

$

5,500

 

$

2,500

 

$

3,000

 

18 months

 

 

 

 

 

 

 

 

Total

$

253,623

 

$

56,951

 

$

196,672

 

 

Schedule of Amortization Expense Amortization expense for the next five years is expected to be as follows (in thousands):

 

 

Total

 

Year 1

$

26,810

 

Year 2

 

24,251

 

Year 3

 

23,149

 

Year 4

 

20,449

 

Year 5

 

20,160