v3.21.2

Intangible Assets, Net and Goodwill (Tables)

9 Months Ended

Sep. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets

Intangible assets consist of the following:

						September 30, 2021																		December 31, 2020
(in thousands)						Gross Carrying Value						Accumulated Amortization						Net Carrying Value						Gross Carrying Value						Accumulated Amortization						Net Carrying Value
Purchased customer accounts (1)						$	616,144					$	(43,666)					$	572,478					$	501,512					$	(18,604)					$	482,908
Distributor relationships						37,226						(2,562)						34,664						32,380						(1,377)						31,003
Software						39,659						(16,334)						23,325						30,828						(10,801)						20,027
Trade names (1)						18,380						(2,802)						15,578						14,439						(932)						13,507
Carrier relationships						7,859						(1,181)						6,678						7,859						(984)						6,875
Totals						$	719,268					$	(66,545)					$	652,723					$	587,018					$	(32,698)					$	554,320

__________

(1)    During the nine months ended September 30, 2021, the Company recorded measurement period adjustments relating to certain businesses acquired in the fourth quarter of 2020, which decreased purchased customer accounts and trade names by $4.6 million and $156,000, respectively.

Schedule of Goodwill

The changes in carrying value of goodwill by Operating Group for the period are as follows:

(in thousands)						Middle Market						Specialty						MainStreet						Medicare						Total
Balance at December 31, 2020						$	526,858					$	65,319					$	38,892					$	20,433					$	651,502
Goodwill of acquired businesses						143,266						88,022						—						4,241						235,529
Measurement period adjustments (1)						(1,710)						—						—						—						(1,710)
Balance at September 30, 2021						$	668,414					$	153,341					$	38,892					$	24,674					$	885,321

__________

(1)    Measurement period adjustments relating to businesses acquired in the fourth quarter of 2020 increased accrued expenses and other current liabilities by $93,000, decreased property and equipment by $124,000, decreased premiums, commissions and fees receivable, net by $545,000 and decreased cash consideration by $2.5 million.

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Tabular disclosure of assets, excluding financial assets and goodwill, lacking physical substance with a finite life, by either major class or business segment.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
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Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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-Name Accounting Standards Codification
-Topic 350
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