Goodwill and Other Intangible Assets, Net

3 Months Ended

Mar. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets, Net

The changes in the carrying amount of goodwill were as follows (in thousands):


Balance, January 1, 2020	$	557,914
Acquisitions	6,294
Measurement period adjustments	(3,876)
Balance, December 31, 2020	560,332
Acquisitions	33,014
Measurement period adjustments	(52)
Balance, March 31, 2021	$	593,294

Goodwill is not amortized and is reviewed annually for impairment or more frequently if impairment indicators arise, in accordance with U.S. GAAP guidance on Goodwill and Other Intangible Assets. Newmark completed its annual goodwill impairment testing for the year ended December 31, 2020, which did not result in a goodwill impairment (see Note 4 — “Acquisitions” for more information).

Other intangible assets consisted of the following (in thousands, except weighted-average life):


	March 31, 2021
	Gross Amount		Accumulated Amortization		Net Carrying Amount		Weighted- Average Remaining Life (Years)
Indefinite life:
Trademark and trade names	$	11,350	$	—	$	11,350	N/A
License agreements (GSE)	5,390		—		5,390		N/A
Definite life:
Trademark and trade names	8,774		(4,687)		4,087		3.1
Non-contractual customers	30,131		(10,634)		19,497		9.7
License agreements	4,981		(4,510)		471		0.5
Non-compete agreements	6,557		(3,165)		3,392		4.1
Contractual customers	15,022		(1,686)		13,336		6.4
Other	5,302		(1,317)		3,985		5.4
Total	$	87,507	$	(25,999)	$	61,508	7.2


	December 31, 2020
	Gross Amount		Accumulated Amortization		Net Carrying Amount		Weighted- Average Remaining Life (Years)
Indefinite life:
Trademark and trade names	$	11,350	$	—	$	11,350	N/A
License agreements (GSE)	5,390		—		5,390		N/A
Definite life:
Trademark and trade names	5,704		(4,519)		1,185		0.1
Non-contractual customers	30,131		(9,729)		20,402		7.2
License agreements	4,981		(4,266)		715		0.0
Non-compete agreements	6,557		(2,920)		3,637		0.6
Contractual customers	3,052		(1,584)		1,468		0.4
Other	350		(208)		142		0.0
Total	$	67,515	$	(23,226)	$	44,289	5.5

Intangible amortization expense three months ended March 31, 2021 and 2020 was $1.7 million and $1.6 million, respectively. Intangible amortization is included as a part of “Depreciation and amortization” on the accompanying unaudited condensed consolidated statements of operations. Impairment charges are included in intangible amortization expense.

The estimated future amortization of definite life intangible assets as of March 31, 2021 was as follows (in thousands):


2021	$	6,358
2022	6,769
2023	6,409
2024	5,855
2025	4,820
Thereafter	14,557
Total	$	44,768