Annual report pursuant to Section 13 and 15(d)

Goodwill and Other Intangible Assets

v3.22.4
Goodwill and Other Intangible Assets
 12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets

7. GOODWILL AND OTHER INTANGIBLE ASSETS

 

The following table provides a summary of goodwill activity:

 

 

Goodwill

 

Balance at December 31, 2020

 

$

1,224,196

 

Acquisitions

 

 

85,299

 

Impact of exchange rate changes

 

 

(228

)

Balance at December 31, 2021

 

$

1,309,267

 

Measurement period adjustments

 

 

7,019

 

Impact of exchange rate changes

 

 

(1,302

)

Balance at December 31, 2022

 

$

1,314,984

 

 

Changes in the net carrying amount of finite-lived intangible assets are shown in the table below:

 

 

 

As of December 31, 2022

 

 

As of December 31, 2021

 

 

 

Cost

 

 

Accumulated Amortization

 

 

Net Carrying Amount

 

 

Cost

 

 

Accumulated Amortization

 

 

Net Carrying Amount

 

Customer relationships (1)

 

$

925,722

 

 

$

(468,592

)

 

$

457,130

 

 

$

919,349

 

 

$

(375,680

)

 

$

543,669

 

Trade names

 

 

22,462

 

 

 

(19,502

)

 

 

2,960

 

 

 

22,485

 

 

 

(15,727

)

 

 

6,758

 

Internally developed software

 

 

39,627

 

 

 

(13,273

)

 

 

26,354

 

 

 

31,567

 

 

 

(8,064

)

 

 

23,503

 

Total

 

$

987,811

 

 

$

(501,367

)

 

$

486,444

 

 

$

973,401

 

 

$

(399,471

)

 

$

573,930

 

(1) During the year ended December 31, 2022, the Company acquired $7.7 million of customer relationships through the Centurion acquisition. The acquired customer relationships have a weighted average amortization period of 10 years.

 

The value of internally developed software in development not yet placed in service was $11.2 million and $7.1 million as of December 31, 2022 and 2021, respectively.

 

The aggregate amortization expense from finite-lived intangible assets was $103.6 million and $107.7 million for the years ended December 31, 2022 and 2021, respectively. The estimated future amortization for finite-lived intangible assets as of December 31, 2022, is as follows:

 

 

Customer Relationships

 

 

Trade Names

 

 

Internally Developed Software

 

2023

 

$

83,073

 

 

$

2,546

 

 

$

6,151

 

2024

 

 

72,461

 

 

 

414

 

 

 

6,732

 

2025

 

 

62,815

 

 

 

—

 

 

 

5,599

 

2026

 

 

53,024

 

 

 

—

 

 

 

3,699

 

2027

 

 

42,943

 

 

 

—

 

 

 

2,932

 

Thereafter

 

 

142,814

 

 

 

—

 

 

 

1,241

 

Total

 

$

457,130

 

 

$

2,960

 

 

$

26,354