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GOODWILL AND INTANGIBLE ASSETS | 12 Months Ended
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Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND INTANGIBLE ASSETS | NOTE 5—GOODWILL AND INTANGIBLE ASSETS Goodwill and intangible assets, net, are as follows:
| December 31,
| 2021 |  | 2020
| (In thousands)
Goodwill | $ | 2,411,996 |  |  | $ | 1,270,532 |
Intangible assets with indefinite lives | 576,653 |  |  | 226,605 |
Intangible assets with definite lives, net | 195,044 |  |  | 4,295 |
Total goodwill and intangible assets, net | $ | 3,183,693 |  |  | $ | 1,501,432 |
For the year ended December 31, 2019, the Company recognized an impairment charge on the Match® brand in the UK of $6.6 million. During the year ended December 31, 2020, the Company recognized additional impairment charges totaling $4.6 million related to the Match brand in the UK and the Meetic brand in Europe as the outbreak of COVID-19 placed additional pressure on projected 2020 revenues at these brands. These charges are included within amortization expense in the consolidated statement of operations for the years then ended. The following table presents the balance of goodwill, including the changes in the carrying value of goodwill, for the years ended December 31, 2021 and 2020:
| December 31,
| 2021 |  | 2020
| (In thousands)
Balance at January 1 | $ | 1,270,532 |  |  | $ | 1,239,839 |
Additions | 1,243,063 |  |  | — |
Foreign Exchange Translation | (101,599) |  |  | 30,948 |
Other | — |  |  | (255) |
Balance at December 31 | $ | 2,411,996 |  |  | $ | 1,270,532 |
On June 17, 2021, Match Group completed the acquisition of all capital stock of Hyperconnect, Inc. (“Hyperconnect”), a leading social discovery and video technology company based in Seoul, South Korea. The acquisition increases our presence in certain Asian markets and enhances the real-time video capabilities of Match Group. The accounting purchase price was $1.75 billion, which consisted of $859.9 million of cash, net of cash acquired, and 5.9 million shares of Match Group common stock at a basis of the closing market price on the acquisition date. The purchase price has been preliminarily allocated to goodwill of $1.2 billion that is not deductible for tax purposes; intangible assets of $612.0 million primarily consisting of tradenames and associated trademarks, both of which are indefinite life intangible assets, with a related deferred tax liability of $134.7 million; and $30.4 million of other net assets. The allocation of the accounting purchase price, which is based on Level 3 inputs, is substantially complete and will be finalized within the allowable measurement period. Intangible assets with indefinite lives are trade names and trademarks acquired in various acquisitions. At December 31, 2021 and 2020, intangible assets with definite lives are as follows:
| December 31, 2021
| Gross Carrying Amount |  | Accumulated Amortization |  | Net |  | Weighted-Average Useful Life (Years)
| (In thousands) |  |
Customer lists | $ | 129,427 |  |  | $ | (15,487) |  |  | $ | 113,940 |  |  | 4.9
Patent and technology | 99,512 |  |  | (18,657) |  |  | 80,855 |  |  | 4.2
Trade names | 1,354 |  |  | (1,193) |  |  | 161 |  |  | 1.3
Other | 425 |  |  | (337) |  |  | 88 |  |  | 2.7
Total | $ | 230,718 |  |  | $ | (35,674) |  |  | $ | 195,044 |  |  | 4.6
| December 31, 2020 |  |
| Gross Carrying Amount |  | Accumulated Amortization |  | Net |  | Weighted-Average Useful Life (Years) |  |
| (In thousands) |  |  |  |
Customer lists | $ | 288 |  |  | $ | (288) |  |  | $ | — |  |  | — |  |
Patent and technology | 11,044 |  |  | (6,943) |  |  | 4,101 |  |  | 9.3 |  |
Trade names | 5,114 |  |  | (5,114) |  |  | — |  |  | — |  |
Other | 3,400 |  |  | (3,206) |  |  | 194 |  |  | 3.0 |  |
Total | $ | 19,846 |  |  | $ | (15,551) |  |  | $ | 4,295 |  |  | 9.0 |  |
At December 31, 2021, amortization of intangible assets with definite lives is estimated to be as follows:
| (In thousands)
2022 | $ | 51,336 |
2023 | 49,081 |
2024 | 47,164 |
2025 | 35,035 |
2026 and thereafter | 12,428 |
Total | $ | 195,044 |

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