XML 32 R17.htm IDEA: XBRL DOCUMENT

Note 10 - Intangible Assets

12 Months Ended

Dec. 31, 2021

Intangible Assets Disclosure [Text Block]

10.

Intangible assets

The following table summarizes the gross value, accumulated amortization and net carrying value of the Company’s indefinite life and finite life intangible assets:

December 31, 2021	Gross
	carrying		Accumulated
	amount		amortization		Net
Indefinite life intangible assets:
Licenses	$	29,200	$	-	$	29,200
Trademarks and trade names		23,804		-		23,804
	$	53,004	$	-	$	53,004
Finite life intangible assets:
Customer lists and relationships	$	352,860	$	152,026	$	200,834
Investment management contracts		270,600		85,012		185,588
Mortgage servicing rights ("MSRs")		147,878		41,455		106,423
Franchise rights		1,185		1,092		93
Trademarks and trade names		12,600		4,861		7,739
Management contracts and other		17,606		11,057		6,549
Backlog		2,400		800		1,600
	$	805,129	$	296,303	$	508,826
	$	858,133	$	296,303	$	561,830

	Gross
December 31, 2020	carrying		Accumulated
	amount		amortization		Net
Indefinite life intangible assets:
Licenses	$	29,200	$	-	$	29,200
Trademarks and trade names		24,096		-		24,096
	$	53,296	$	-	$	53,296
Finite life intangible assets:
Customer lists and relationships	$	345,511	$	123,368	$	222,143
Investment management contracts		270,600		60,723		209,877
Mortgage servicing rights ("MSRs")		114,909		13,121		101,788
Franchise rights		5,630		5,322		308
Trademarks and trade names		14,803		4,355		10,448
Management contracts and other		20,813		12,406		8,407
Backlog		16,307		12,244		4,063
	$	788,573	$	231,539	$	557,034
	$	841,869	$	231,539	$	610,330

MSR intangible assets represent the carrying value of servicing assets in the Americas segment. The MSR asset is being amortized over the estimated period that the net servicing income is expected to be received.

The MSR assets are evaluated quarterly for impairment by stratifying the servicing portfolio according to predominant risk characteristics, primarily investor type and interest rate. An impairment is recorded if the carrying value of an individual stratum exceeds its estimated fair value. There was no impairment recorded for the twelve-month period ended December 31, 2021.

The following table summarizes activity related to the Company’s mortgage servicing rights for the year ended December 31, 2021.

	2021			2020
Balance, January 1	$	101,788		$	-
Recognized on business acquisitions					99,900
Additions, following the sale of loan		32,969			15,009
Amortization		(15,682	)		(8,553	)
Prepayments and write-offs		(12,652	)		(4,568	)
Balance, December 31	$	106,423		$	101,788

During the year ended December 31, 2021, the Company acquired the following intangible assets:

			Estimated
			weighted
			average
			amortization
	Amount		period (years)
Finite life intangible assets:
Customer lists and relationships	$	18,918		9.7
Trademarks and trade names - finite life		700		2.0
Customer backlog		2,820		0.5
Other		900		5.0
	$	23,338		8.2

The table above includes $2,208 related to assets acquired that do not constitute a business under US GAAP.

The following is the estimated future expense for amortization of the recorded MSRs and other intangible assets for each of the next five years and thereafter:

For the year ended December 31,	MSRs		Other Intangibles		Total
2022	$	14,063	$	65,044	$	79,107
2023		12,760		59,840		72,600
2024		11,973		51,671		63,644
2025		11,035		36,895		47,930
2026		9,892		37,621		47,513
Thereafter		46,700		151,332		198,032
	$	106,423	$	402,403	$	508,826