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Goodwill and Other Intangible Assets, Net
9 Months Ended
Sep. 30, 2018
Goodwill And Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets, Net

20.

Goodwill and Other Intangible Assets, Net

The changes in the carrying amount of goodwill by reportable segment for the nine months ended September 30, 2018 were as follows (in thousands):

 

 

 

Financial

Services

 

 

Real Estate

Services

 

 

Total

 

Balance at December 31, 2017

 

$

468,050

 

 

$

477,532

 

 

$

945,582

 

Acquisitions

 

 

 

 

 

38,439

 

 

 

38,439

 

Measurement period adjustments

 

 

12

 

 

 

(2,444

)

 

 

(2,432

)

Cumulative translation adjustment

 

 

(1,962

)

 

 

 

 

 

(1,962

)

Balance at September 30, 2018

 

$

466,100

 

 

$

513,527

 

 

$

979,627

 

 

During the nine months ended September 30, 2018, the Company recognized goodwill of approximately $38.4 million which was allocated to the Company’s Real Estate Services Segment. See Note 4—“Acquisitions” for more information. 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.

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

 

 

 

September 30, 2018

 

 

 

Gross

Amount

 

 

Accumulated

Amortization

 

 

Net Carrying

Amount

 

 

Weighted-

Average

Remaining Life

(Years)

 

Definite life intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer-related

 

$

204,735

 

 

$

39,047

 

 

$

165,688

 

 

 

12.9

 

Technology

 

 

24,024

 

 

 

12,326

 

 

 

11,698

 

 

 

3.4

 

Noncompete agreements

 

 

36,535

 

 

 

20,886

 

 

 

15,649

 

 

 

2.4

 

Patents

 

 

10,412

 

 

 

10,272

 

 

 

140

 

 

 

7.9

 

All other

 

 

22,466

 

 

 

13,502

 

 

 

8,964

 

 

 

7.8

 

Total definite life intangible assets

 

 

298,172

 

 

 

96,033

 

 

 

202,139

 

 

 

11.3

 

Indefinite life intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trade names

 

 

83,912

 

 

 

 

 

 

83,912

 

 

N/A

 

Licenses

 

 

7,929

 

 

 

 

 

 

7,929

 

 

N/A

 

Total indefinite life intangible assets

 

 

91,841

 

 

 

 

 

 

91,841

 

 

N/A

 

Total

 

$

390,013

 

 

$

96,033

 

 

$

293,980

 

 

 

11.3

 

 

 

 

December 31, 2017

 

 

 

Gross

Amount

 

 

Accumulated

Amortization

 

 

Net Carrying

Amount

 

 

Weighted-

Average

Remaining Life

(Years)

 

Definite life intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer-related

 

$

203,743

 

 

$

27,820

 

 

$

175,923

 

 

 

13.7

 

Technology

 

 

24,025

 

 

 

9,741

 

 

 

14,284

 

 

 

4.2

 

Noncompete agreements

 

 

34,333

 

 

 

16,180

 

 

 

18,153

 

 

 

2.7

 

Patents

 

 

10,629

 

 

 

10,049

 

 

 

580

 

 

 

3.6

 

All other

 

 

19,795

 

 

 

9,691

 

 

 

10,104

 

 

 

9.2

 

Total definite life intangible assets

 

 

292,525

 

 

 

73,481

 

 

 

219,044

 

 

 

11.9

 

Indefinite life intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trade names

 

 

84,048

 

 

 

 

 

 

84,048

 

 

N/A

 

Licenses

 

 

7,929

 

 

 

 

 

 

7,929

 

 

N/A

 

Total indefinite life intangible assets

 

 

91,977

 

 

 

 

 

 

91,977

 

 

N/A

 

Total

 

$

384,502

 

 

$

73,481

 

 

$

311,021

 

 

 

11.9

 

 

Intangible amortization expense was $7.3 million and $8.0 million for the three months ended September 30, 2018 and 2017, respectively. Intangible amortization expense was $23.6 million and $23.0 million for the nine months ended September 30, 2018 and 2017, respectively. Intangible amortization is included as part of “Other expenses” in the Company’s unaudited condensed consolidated statements of operations.

 

There was no impairment charge for the Company’s indefinite life intangibles for the three and nine months ended September 30, 2018. There was a $6.3 million impairment charge for the Company’s indefinite life intangibles for the three and nine months ended September 30, 2017.

The estimated future amortization expense of definite life intangible assets as of September 30, 2018 is as follows (in millions):

 

2018

 

$

7.1

 

2019

 

 

28.4

 

2020

 

 

23.7

 

2021

 

 

19.5

 

2022

 

 

14.7

 

2023 and thereafter

 

 

108.7

 

Total

 

$

202.1