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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 | Goodwill and Intangible Assets The changes in the carrying amount of the Company’s goodwill by reportable segment for the years ended December 31, 2021, 2020 and 2019 are as follows:
| Warehouse | Third-party managed | Transportation | Unallocated Acquisitions | Total
| (In thousands)
December 31, 2018 | $ | 170,896 |  | $ | 2,890 |  | $ | 12,309 |  | — |  | $ | 186,095 |
Goodwill acquired | 130,919 |  | — |  | 1,452 |  | — |  |
Impact of foreign currency translation | 9 |  | (8) |  | 16 |  | — |  | 17 |
December 31, 2019 | 301,824 |  | 2,882 |  | 13,777 |  | — |  | 318,483 |
Goodwill acquired | 116,275 |  | — |  | 8,546 |  | 346,673 |  | 471,494 |
Purchase price allocation adjustments | 1,115 |  | — |  | — |  | — |  | 1,115 |
Impact of foreign currency translation | 2,513 |  | 379 |  | 351 |  | — |  | 3,243 |
December 31, 2020 | 421,727 |  | 3,261 |  | 22,674 |  | 346,673 |  | 794,335 |
Goodwill acquired | 92,849 |  | — |  | 700 |  | — |  | 93,549 |
Purchase price allocation adjustments | 541,872 |  | — |  | 6,746 |  | (346,673) |  | 201,945 |
Impact of foreign currency translation | (16,333) |  | (50) |  | (466) |  | — |  | (16,849) |
December 31, 2021 | $ | 1,040,115 |  | $ | 3,211 |  | $ | 29,654 |  | $ | — |  | $ | 1,072,980 |
The goodwill acquired in 2020 related to the AM-C, Newport and Nova Cold acquisitions and was allocated to the Warehouse segment. The goodwill resulting from the Hall’s and Agro acquisitions in 2020 was allocated between the Warehouse and Transportation segments during 2021 as the acquired assets had not yet been assigned to the respective segments as of December 31, 2020 given the short period of time between the acquisition dates and year-end. The goodwill acquired in 2021 related to the Bowman Stores, ColdCo, Lago Cold Stores, Liberty Freezers and Newark Facility Management acquisitions was allocated to the Warehouse segment. The goodwill acquired in 2021 related to the KMT Brrr! acquisition was allocated between the Warehouse and Transportation segments. Refer to Note 3 for additional information. Intangible assets subject to amortization as of December 31, 2021 and 2020 are as follows:
| Customer relationships | Above-market leases | In-place lease | Below-market leases | Assembled Workforce | Trade names and trademarks | Total
| (In thousands, except years)
Gross - January 1, 2021 | $ | 830,198 |  | $ | 143 |  | $ | 3,778 |  | $ | 9,126 |  | $ | 1,047 |  | $ | 1,623 |  | $ | 845,915 |
Additions | 301,427 |  | — |  | — |  | — |  | — |  | — |  | 301,427 |
Purchase Price Allocation Adjustments | (69,973) |  | — |  | — |  | — |  | — |  | — |  | (69,973) |
Foreign currency translation | (9,501) |  | — |  | — |  | — |  | — |  | — |  | (9,501) |
Reclassification to Operating lease right-of-use asset | — |  | (47) |  | — |  | (3,079) |  | — |  | — |  | (3,126) |
Accumulated amortization | (87,565) |  | (96) |  | (2,726) |  | (6,047) |  | (795) |  | (1,623) |  | (98,852) |
Net definite lived intangible assets | $ | 964,586 |  | $ | — |  | $ | 1,052 |  | $ | — |  | $ | 252 |  | $ | — |  | 965,890 |
Indefinite lived intangible asset (Trade name) |  |  |  |  | 15,076 |
Identifiable intangible assets – net, December 31, 2021 |  |  |  | $ | 980,966 |
Weighted-average remaining useful life at December 31, 2021 | 28.0 | N/A | 1.8 | N/A | 1.1 | N/A | 28.0
Gross - January 1, 2020 | $ | 300,421 |  | $ | 143 |  | $ | 3,778 |  | $ | 9,126 |  | $ | 908 |  | $ | 1,623 |  | $ | 315,999 |
Additions | 528,518 |  | — |  | — |  | — |  | 139 |  | — |  | 528,657 |
Foreign currency translation | 1,260 |  | — |  | — |  | — |  | — |  | — |  | 1,260 |
Accumulated amortization | (53,321) |  | (81) |  | (2,152) |  | (5,945) |  | (447) |  | (1,623) |  | (63,569) |
Net definite lived intangible assets | $ | 776,878 |  | $ | 62 |  | $ | 1,626 |  | $ | 3,181 |  | $ | 600 |  | $ | — |  | 782,347 |
Indefinite lived intangible asset (Trade name) |  |  |  |  | 15,076 |
Identifiable intangible assets – net, December 31, 2020 |  |  |  | $ | 797,423 |
Weighted-average remaining useful life at December 31, 2020 | 24.3 | 2.8 | 2.8 | 32.2 | 1.9 | N/A | 24.3
Additions in 2020 relate to the Agro, AM-C, Caspers, Hall’s, Newport and Nova Cold acquisitions. Additions in 2021 relate to the Bowman Stores, ColdCo, KMT Brrr!, Lago Cold Stores, Liberty Freezers and Newark Facility Management acquisitions. Refer to Notes 2 and 3 for further details of each acquisition. The following table describes the estimated amortization of definite-lived intangible assets for the next five years.
| Estimated Amortization of Intangible Assets |  |  |
| (In thousands)
Years Ending December 31: |  |  |  |
2022 | $ | 38,572 |  |  |  |
2023 | 38,387 |  |  |  |
2024 | 37,820 |  |  |  |
2025 | 37,732 |  |  |  |
2026 | 36,711 |  |  |  |
Total | $ | 189,222 |  |  |  |

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