Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets Disclosure

Goodwill and Intangible Assets

As of December 31, goodwill was as follows:


	Integrated Agencies Network		Brand Performance Network		Communications Network		All Other		Total
Balance at December 31, 2020	$	95,164	$	180,639	$	49,533	$	26,389	$	351,725
Acquired goodwill	1,058,411		178,994		66,244		—		1,303,649
Disposition	—		—		—		(935)		(935)
Foreign currency translation	(502)		(1,020)		—		(194)		(1,716)
Balance at December 31, 2021	$	1,153,073	$	358,613	$	115,777	$	25,260	$	1,652,723
Acquired goodwill	3,330		26,176		6,569		29,387		65,462
Impairment	(49,840)		(49,314)		—		(17,560)		(116,714)
Transfer of goodwill between segments (1)	(111,065)		111,065		—		—		—
Foreign currency translation	(11,422)		(13,467)		(753)		—		(25,642)
Other (2)	(15,682)		685		6,124		—		(8,873)
Balance at December 31, 2022	$	968,394	$	433,758	$	127,717	$	37,087	$	1,566,956
Acquired goodwill	18,451		2,626		—		—		21,077
Disposition - ConcentricLife	(98,779)		—		—		—		(98,779)
Transfer of goodwill between segments (1)	(8,517)		—		8,517		—		—
Foreign currency translation	1,846		5,056		353		271		7,526
Other (2)	—		220		—		1,815		2,035
Balance at December 31, 2023	$	881,395	$	441,660	$	136,587	$	39,173	$	1,498,815

(1) Transfer of goodwill resulting from changes to the Company’s reportable segments (Networks) due to changes in the Company’s internal management and reporting structure. See Note 20 of the Notes included herein for additional information related to these changes.

(2) Represents adjustments associated with the finalization of purchase price accounting for acquisitions.

There was $116.7 million of accumulated goodwill impairment charges as of December 31, 2022 and December 31, 2023.

The Company recognized an impairment and other losses charge of $122.2 million for the year ended December 31, 2022, primarily related to the impairment of goodwill totaling $116.7 million. The goodwill impairment was to write-down the carrying value in excess of the fair value at eight reporting units, two in the Integrated Agencies Network, five in the Brand Performance Network and one within the All Other category. The charge was recorded within Impairment and other losses on the Consolidated Statements of Operations.

The gross and net amounts of intangible assets other than goodwill as of December 31, are as follows:


Intangible Assets	2023		2022

Customer relationships, gross	$	870,987	$	875,160
Accumulated amortization	(218,808)		(150,655)
Customer relationships, net	$	652,179	$	724,505

Trade names, gross	$	188,820	$	197,037
Accumulated amortization	(74,141)		(53,150)
Trade names, net	$	114,679	$	143,887

Capitalized software, gross	$	70,622	$	42,234
Accumulated amortization	(30,928)		(18,591)
Capitalized software, net	$	39,694	$	23,643

Developed technology and other, gross	$	21,583	$	21,331
Accumulated amortization	(9,915)		(5,837)
Developed technology and other, net	$	11,668	$	15,494

Total intangible assets, gross	$	1,152,012	$	1,135,762
Accumulated amortization	(333,792)		(228,233)
Total intangible assets, net	$	818,220	$	907,529

The Company recognized an impairment and other losses charge of $16.2 million for the year ended December 31, 2021, primarily related to intangible assets. The impairment was to reduce the carrying values of intangible assets within one reporting unit in the Integrated Agencies Network and two in the Media Network reportable segments in connection with the abandonment of certain trade names as part of the rebranding of certain Brands. The charge was recorded within Impairment and other losses on the Consolidated Statements of Operations.

The weighted average amortization period for customer relationships is thirteen years, trade names is twelve years, capitalized software is three years, and developed technology and other intangible assets is six years. In total, the weighted average amortization period is twelve years. Amortization expense related to amortizable intangible assets for the years ended December 31, 2023, 2022, and 2021 was $112.2 million, $103.1 million, and $61.1 million, respectively.

The estimated amortization expense for the five succeeding years is as follows:


Year	Amortization
2024	$	106,514
2025	99,091
2026	89,824
2027	79,256
2028	71,734
Thereafter	371,801