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Goodwill and Intangible Assets | 6 Months Ended
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Jun. 30, 2020
Goodwill And Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets |
6. | Goodwill and Intangible Assets
The following table presents the changes in the carrying amount of goodwill by reportable segment:
|  | Commercial |  |  | Government |  |  |  |  |
($ in thousands) |  | Services |  |  | Solutions |  |  | Total |
Balance at December 31, 2019 |  | $ | 424,404 |  |  | $ | 159,746 |  |  | $ | 584,150 |
Foreign currency translation adjustment |  |  | (2,535 | ) |  |  | — |  |  |  | (2,535 | )
Balance at June 30, 2020 |  | $ | 421,869 |  |  | $ | 159,746 |  |  | $ | 581,615 |
Intangible assets consist of the following as of the respective period-ends:
|  | June 30, 2020 |  |  | December 31, 2019 |
|  | Weighted |  |  |  |  |  |  |  |  |  | Weighted |  |  |  |  |  |  |  |
|  | Average |  | Gross |  |  |  |  |  |  | Average |  | Gross |  |  |  |  |
|  | Remaining |  | Carrying |  |  | Accumulated |  |  | Remaining |  | Carrying |  |  | Accumulated |
($ in thousands) |  | Useful Life |  | Amount |  |  | Amortization |  |  | Useful Life |  | Amount |  |  | Amortization |
Trademarks |  | 0.9 years |  | $ | 32,067 |  |  | $ | 24,209 |  |  | 1.5 years |  | $ | 32,127 |  |  | $ | 19,106 |
Non-compete agreements |  | 2.5 years |  |  | 62,555 |  |  |  | 31,119 |  |  | 3.0 years |  |  | 62,549 |  |  |  | 24,834 |
Customer relationships |  | 6.4 years |  |  | 365,368 |  |  |  | 103,204 |  |  | 6.9 years |  |  | 366,533 |  |  |  | 82,903 |
Developed technology |  | 2.8 years |  |  | 165,520 |  |  |  | 80,615 |  |  | 3.3 years |  |  | 165,708 |  |  |  | 65,631 |
Gross carrying value of intangible assets |  |  |  |  | 625,510 |  |  | $ | 239,147 |  |  |  |  |  | 626,917 |  |  | $ | 192,474 |
Less: accumulated amortization |  |  |  |  | (239,147 | ) |  |  |  |  |  |  |  |  | (192,474 | ) |  |  |  |
Intangible assets, net |  |  |  | $ | 386,363 |  |  |  |  |  |  |  |  | $ | 434,443 |  |  |  |  |
Amortization expense was $23.5 million and $23.1 million for the three months ended June 30, 2020 and 2019, respectively, and was $47.1 million and $46.3 million for the six months ended June 30, 2020 and 2019, respectively. Estimated amortization expense in future years is expected to be:
($ in thousands) |  |  |  |
Remainder of 2020 |  | $ | 46,823 |
2021 |  |  | 85,379 |
2022 |  |  | 80,654 |
2023 |  |  | 52,157 |
2024 |  |  | 41,671 |
Thereafter |  |  | 79,679 |
Total |  | $ | 386,363 |
Interim Goodwill Impairment Review During the fourth quarter of each fiscal year, we perform our annual goodwill impairment test for each of our reporting units. Our reporting units are the same as our two reportable segments (Government Solutions and Commercial Services). We also test goodwill for impairment whenever events or circumstances occur which, in our judgment, could more likely than not reduce the fair value of one or more reporting units below its carrying amount. Potential impairment indicators include, but are not limited to, (i) a deterioration of the business environments in which we operate; (ii) downward revisions to internal forecasts, and the magnitude thereof, if any; and (iii) declines in our market capitalization below our book value, and the magnitude and duration of those declines, if any. During the first half of fiscal 2020, our market capitalization declined significantly compared to December 31, 2019. Over the same period, the equity value of our key Commercial Services customers, our peer group companies and the overall U.S. stock market also declined significantly amid market volatility. These declines were driven by the uncertainty surrounding the outbreak of the novel coronavirus (“COVID-19”) and other macroeconomic events. Based on these factors, we concluded that a triggering event occurred and, accordingly, an interim quantitative impairment test was performed as of March 31, 2020 and updated as of June 30, 2020. Based upon the results of our interim impairment tests, we concluded that the fair values of the Government Solutions and Commercial Services reporting units exceeded their carrying value. The current economic conditions due to COVID-19 are still evolving and any significant adverse changes in future periods to our internal forecasts or the external market conditions, if any, could reasonably be expected to negatively affect our key assumptions and may result in a future goodwill impairment charge, which could be material.

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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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