Quarterly report pursuant to Section 13 or 15(d)

GOODWILL AND INTANGIBLE ASSETS

v3.23.2
GOODWILL AND INTANGIBLE ASSETS
 6 Months Ended
Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND INTANGIBLE ASSETS GOODWILL AND INTANGIBLE ASSETS
The following table summarizes changes in goodwill during the six months ended June 30, 2023, and the twelve months ended December 31, 2022 (in thousands):
Goodwill:
Balance at December 31, 2021 $ 786,504 
Additions 64,997 
Measurement adjustments (9)
Adjustments due to currency translation (4,788)
Balance at December 31, 2022 846,704 
Additions 199,195 
Measurement adjustments (294)
Adjustments due to currency translation 392 
Balance at June 30, 2023 $ 1,045,997 
The carrying amount of goodwill in foreign countries was $100.6 million as of June 30, 2023, and $97.4 million as of December 31, 2022.
The following table sets forth the components of indefinite-lived and amortizable intangible assets as of June 30, 2023, and December 31, 2022 (in thousands):
June 30, 2023 December 31, 2022
Gross Accumulated
Amortization		 Carrying
Value		 Gross Accumulated
Amortization		 Carrying
Value		 Useful Life
in Years
Amortizable intangible assets:
Customer contracts $ 618,743  $ (211,538) $ 407,205  $ 502,689  $ (204,130) $ 298,559 
3-20
Trademarks and tradenames 18,165  (7,934) 10,231  17,351  (10,009) 7,342 
7-20
Non-compete agreements 13,849  (8,646) 5,203  14,180  (8,226) 5,954 
3-20
Patents 6,896  (6,881) 15  6,934  (6,802) 132 
3-15
Other assets 1,983  (1,860) 123  2,016  (1,786) 230  10
Total amortizable intangible assets $ 659,636  $ (236,859) 422,777  $ 543,170  $ (230,953) 312,217 
Indefinite-lived intangible assets:
Trademarks and tradenames 138,670  104,304 
Internet domains 2,227  2,227 
Total indefinite-lived intangible assets 140,897  106,531 
Total customer contracts and other intangible assets $ 563,674  $ 418,748 
The carrying amount of customer contracts in foreign countries was $46.5 million and $46.1 million as of June 30, 2023, and December 31, 2022, respectively. The carrying amount of trademarks and tradenames in foreign countries was $4.0 million and $4.2 million as of June 30, 2023 and December 31, 2022. The carrying amount of other intangible assets in foreign countries was $0.5 million and $0.7 million as of June 30, 2023, and December 31, 2022, respectively.
Amortization expense related to intangible assets was $18.0 million and $13.9 million for the three months ended June 30, 2023, and 2022, respectively. Amortization expense related to intangible assets was $32.0 million and $27.4 million for the six months ended June 30, 2023, and 2022, respectively. Customer contracts and other amortizable intangible assets are amortized on a straight-line basis over their economic useful lives.
Estimated amortization expense for the existing carrying amount of customer contracts and other intangible assets for each of the five succeeding fiscal years as of June 30, 2023, are as follows:
(in thousands)
2023 (excluding the six months ended June 30, 2023) $ 45,467 
2024 75,662 
2025 66,856 
2026 63,339 
2027 59,674