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Goodwill and Intangible Assets | 6 Months Ended
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Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in a business combination and is assigned to the reporting unit that is expected to benefit from the synergies of the combination. Intangible assets resulting from the acquisitions of entities accounted for using the acquisition method of accounting are recorded at the estimated fair value of the assets acquired. Identifiable intangible assets are comprised of purchased customer relationships, trademarks and trade names, developed technologies and other intangible assets. The fair values of these identified intangible assets are based upon expected future cash flows or income, which take into consideration certain assumptions such as customer turnover, trade names and patent lives. These determinations are primarily based upon the Company’s historical experience and expected benefit of each intangible asset. If it is determined that such assumptions are not accurate, then the resulting change will impact the fair value of the intangible asset. Identifiable intangible assets are amortized over the period of estimated economic benefit, which ranges from one to twenty years. The changes in carrying amounts of goodwill for the six months ended June 30, 2022 are as follows (in thousands):
| Digital Media |  | Cybersecurity and Martech |  | Consolidated
Balance as of January 1, 2022 | $ | 996,659 |  |  | $ | 534,796 |  |  | $ | 1,531,455 |
Goodwill acquired (Note 3) | 81,725 |  |  | — |  |  | 81,725 |
Purchase accounting adjustments(1) | 1,773 |  |  | (137) |  |  | 1,636 |
Foreign exchange translation | (2,584) |  |  | (8,892) |  |  | (11,476) |
Balance as of June 30, 2022 | $ | 1,077,573 |  |  | $ | 525,767 |  |  | $ | 1,603,340 |
(1)Purchase accounting adjustments relate to measurement period adjustments to goodwill in connection with prior business acquisitions. Refer to Note 3 - Business Acquisitions. Intangible Assets Subject to Amortization: As of June 30, 2022, intangible assets subject to amortization relate primarily to the following (in thousands):
| Weighted-Average Amortization Period |  | Historical Cost |  | Accumulated Amortization |  | Net
Trade names | 10.0 years |  | $ | 260,802 |  |  | $ | 113,181 |  |  | $ | 147,621 |
Customer relationships (1) | 8.0 years |  | 690,343 |  |  | 441,821 |  |  | 248,522 |
Other purchased intangibles | 8.8 years |  | 480,781 |  |  | 340,184 |  |  | 140,597 |
Total |  |  | $ | 1,431,926 |  |  | $ | 895,186 |  |  | $ | 536,740 |
(1)The Company amortizes customer relationship assets in a pattern that best reflects the pace at which the asset’s benefits are consumed. This pattern results in a substantial majority of the amortization expense being recognized in the first 4 to 5 years, despite the overall life of the asset. As of December 31, 2021, intangible assets subject to amortization relate primarily to the following (in thousands):
| Weighted-Average Amortization Period |  | Historical Cost |  | Accumulated Amortization |  | Net
Trade names | 9.7 years |  | $ | 250,418 |  |  | $ | 102,657 |  |  | $ | 147,761 |
Customer relationships (1) | 8.1 years |  | 673,847 |  |  | 398,396 |  |  | 275,451 |
Other purchased intangibles | 9.3 years |  | 467,028 |  |  | 317,515 |  |  | 149,513 |
Total |  |  | $ | 1,391,293 |  |  | $ | 818,568 |  |  | $ | 572,725 |
(1)The Company amortizes customer relationship assets in a pattern that best reflects the pace at which the asset’s benefits are consumed. This pattern results in a substantial majority of the amortization expense being recognized in the first 4 to 5.0 years, despite the overall life of the asset. Amortization expense, included in General and administrative expense on our Condensed Consolidated Statements of Operations, approximated $41.8 million and $46.7 million for the three months ended June 30, 2022 and 2021, respectively, and $83.0 million and $94.0 million for the six months ended June 30, 2022 and 2021, respectively.

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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 https://asc.fasb.org/topic&trid=2144416 + Details
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