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Goodwill and Other Intangible Assets, Net | 3 Months Ended
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Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets, Net | Goodwill and Other Intangible Assets, Net The changes in the carrying amount of goodwill were as follows (in thousands):
Balance, January 1, 2023 | $ | 705,894 |
Acquisitions | 75,638 |
Divestiture | (9,222) |
Measurement period and currency translation adjustments | 4,237 |
Balance, December 31, 2023 | $ | 776,547 |
Acquisitions | — |
Divestiture | — |
Measurement period and currency translation adjustments | (2,391) |
Balance, March 31, 2024 | $ | 774,156 |
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, 2023, 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, 2024
| 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 | 16,157 |  |  | (11,197) |  |  | 4,960 |  |  | 1.8
Non-contractual customers | 30,131 |  |  | (17,673) |  |  | 12,458 |  |  | 7.8
Non-compete agreements | 12,462 |  |  | (7,150) |  |  | 5,312 |  |  | 4.2
Contractual customers | 60,230 |  |  | (22,648) |  |  | 37,582 |  |  | 3.4
Other | 4,551 |  |  | (2,920) |  |  | 1,631 |  |  | 9.9
Total | $ | 140,271 |  |  | $ | (61,588) |  |  | $ | 78,683 |  |  | 4.2
| December 31, 2023
| 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 | 16,275 |  |  | (10,557) |  |  | 5,718 |  |  | 2.0
Non-contractual customers | 30,131 |  |  | (17,137) |  |  | 12,994 |  |  | 8.0
Non-compete agreements | 12,514 |  |  | (6,827) |  |  | 5,687 |  |  | 4.3
Contractual customers | 60,802 |  |  | (20,078) |  |  | 40,724 |  |  | 3.5
Other | 4,551 |  |  | (2,788) |  |  | 1,763 |  |  | 10.4
Total | $ | 141,013 |  |  | $ | (57,387) |  |  | $ | 83,626 |  |  | 4.3
Intangible amortization expense for the three months ended March 31, 2024 and 2023 was $4.4 million and $3.4 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, 2024 was as follows (in thousands):
2024 | $ | 13,278 |
2025 | 16,282 |
2026 | 12,760 |
2027 | 8,777 |
2028 | 4,693 |
Thereafter | 6,153 |
Total | $ | 61,943 |

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