Annual report pursuant to Section 13 and 15(d)

Goodwill and Other Intangible Assets (Tables)

v3.22.4
Goodwill and Other Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Summary of Goodwill Activity

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

 
Summary of Changes in Net Carrying Amount of Finite-lived Intangible Assets

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.

Estimated Future Amortization for Finite-lived Intangible Assets 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