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Goodwill and Other Intangible Assets
12 Months Ended
Dec. 31, 2020
Goodwill And Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets

NOTE 6 - GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill

The changes in the carrying amount of goodwill for the fiscal years ended December 31 were as follows:

 

 

 

2020

 

 

2019

 

Balance as of January 1

 

$

719,934

 

 

$

715,644

 

Goodwill resulting from business combination - ITG

 

 

188,253

 

 

 

 

Goodwill resulting from business combination - DMS Disaster Consultants

 

 

 

 

 

(50

)

Goodwill resulting from business combination - We Are Vista

 

 

 

 

 

(370

)

Goodwill resulting from business combination - Olson (1)

 

 

 

 

 

3,047

 

Effect of foreign currency translation

 

 

1,726

 

 

 

1,663

 

Balance as of December 31

 

$

909,913

 

 

$

719,934

 

 

1)

In 2019, the Company recorded changes to goodwill representing an immaterial correction of an error for income tax balances related to acquired assets and liabilities from the business combination that occurred in 2014.  These balances were not significant to our previously reported financial position.

Other Intangible Assets

Intangible assets with definite lives are primarily amortized over periods ranging from approximately 1 to 10 years. The weighted-average period of amortization for all intangible assets, calculated as of December 31, 2020, is 8.5 years. The customer-related intangible assets, which consist of customer contracts, backlog, and non-contractual customer relationships, are being amortized based on estimated cash flows and respective estimated economic benefit of the assets. The weighted-average period of amortization of the customer-related intangibles calculated as of December 31, 2020 is 8.5 years. Intangible assets related to developed technology are being amortized on an accelerated basis over a weighted-average period, calculated as of December 31, 2020, of 4.8 years. Intangible assets with an indefinite life consist of a domain name.

Other intangibles consisted of the following at December 31:    

 

 

 

2020

 

 

 

Gross

Carrying

Value

 

 

Accumulated

Amortization

 

 

Net Carrying

Value

 

Customer-related

 

$

142,849

 

 

$

(83,137

)

 

$

59,712

 

Developed technology

 

 

733

 

 

 

(653

)

 

 

80

 

Total amortizable intangible assets

 

 

143,582

 

 

 

(83,790

)

 

 

59,792

 

Intangible with indefinite life

 

 

95

 

 

 

 

 

 

95

 

Total other intangible assets

 

$

143,677

 

 

$

(83,790

)

 

$

59,887

 

 

 

 

2019

 

 

 

Gross

Carrying

Value

 

 

Accumulated

Amortization

 

 

Net Carrying

Value

 

Customer-related

 

$

95,038

 

 

$

(69,425

)

 

$

25,613

 

Developed technology

 

 

733

 

 

 

(612

)

 

 

121

 

Total amortizable intangible assets

 

 

95,771

 

 

 

(70,037

)

 

 

25,734

 

Intangible with indefinite life

 

 

95

 

 

 

 

 

 

95

 

Total other intangible assets

 

$

95,866

 

 

$

(70,037

)

 

$

25,829

 

 

Aggregate amortization expense for the years ended December 31, 2020, 2019, and 2018, was approximately $13.3 million, $8.1 million, and $10.0 million, respectively. The Company recognized impairment expense, included in indirect and selling expense, of $1.7 million in the second quarter of 2019 related to the intangible asset associated with a historical business acquisition. The estimated future amortization expense relating to intangible assets is as follows: 

 

Year ending December 31,

 

 

 

 

2021

 

$

12,049

 

2022

 

 

11,727

 

2023

 

 

11,339

 

2024

 

 

10,856

 

2025

 

 

6,904

 

Thereafter

 

 

6,917

 

Total

 

$

59,792