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GOODWILL AND OTHER INTANGIBLE ASSETS | 12 Months Ended
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Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND OTHER INTANGIBLE ASSETS | GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill is recorded as a result of business combinations. Activity in goodwill for the years ended December 31, 2020 and December 31, 2021 is provided below (in thousands):
Balance as of December 31, 2019 | $441,973
Goodwill from acquisitions | 30,906 |
Balance as of December 31, 2020 | $472,879
Goodwill from acquisitions | 40,864 |
Other Adjustments | 77 |
Balance as of December 31, 2021 | 513,820 |
The amount of goodwill from these acquisitions that is deductible for tax purposes as of December 31, 2021 is $168.8 million. Other intangible assets are primarily related to our business combinations and software development. They include the estimated fair values of such items as service agreements, customer lists, covenants not to compete, acquired technologies, and trade names. Total amortization expense was $4.4 million, $3.7 million, and $3.1 million for the years ended December 31, 2021, 2020 and 2019, respectively. Intangible assets are amortized using the straight-line method over their useful life determined at acquisition. Management service agreements are amortized over 25 years using the straight line method. Software development is capitalized and amortized over the useful life of the software when placed into service. Trade names are reviewed annually for impairment. The following table shows annual amortization expense, by asset classes that will be recorded over the next five years (in thousands):
| 2022 |  | 2023 |  | 2024 |  | 2025 |  | 2026 |  | Thereafter |  | Total |  | Weighted average amortization period remaining in years
Management Service Contracts | $ | 2,287 |  |  | $ | 2,287 |  |  | $ | 2,287 |  |  | $ | 2,287 |  |  | $ | 2,287 |  |  | $ | 11,246 |  |  | $ | 22,681 |  |  | 9.8
Covenant not to compete and other contracts | 2,500 |  |  | 2413 |  |  | 1997 |  |  | 1654 |  |  | 989 |  |  | 74 |  |  | 9,627 |  |  | 4.2
Developed Technology | 461 |  |  | 318 |  |  | 318 |  |  | 318 |  |  | 318 |  |  | 1,432 |  |  | 3,165 |  |  | 9.1
Trade Names amortized | 88 |  |  | 80 |  |  | 77 |  |  | 77 |  |  | 77 |  |  | 166 |  |  | 565 |  |  | 7.1
Trade Names indefinite life | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 7,100 |  |  | 7,100 |  |  | — |
Software in development | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 13,465 |  |  | 13,465 |  |  | — |
Total Annual Amortization | $ | 5,336 |  |  | $ | 5,098 |  |  | $ | 4,679 |  |  | $ | 4,336 |  |  | $ | 3,671 |  |  | $ | 33,483 |  |  | $ | 56,603 |  |  |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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