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Acquisitions, Goodwill and Other Intangible Assets | 3 Months Ended
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Mar. 31, 2023
Business Combination and Asset Acquisition [Abstract] |
Acquisitions, Goodwill and Other Intangible Assets | Acquisitions, Goodwill and Other Intangible Assets Goodwill is recorded as part of the Company’s acquisitions and primarily arose from the acquired assembled workforce and brokerage and financing sales platforms. The Company expects all of the goodwill to be tax deductible, with the tax-deductible amount of goodwill related to the contingent and deferred consideration to be determined once the cash payments are made to settle any contingent and deferred consideration. The goodwill resulting from acquisitions is allocated to the Company’s one reporting unit. Goodwill and intangible assets, net consisted of the following (in thousands):
| March 31, 2023 |  | December 31, 2022
| Gross Carrying Amount |  | Accumulated Amortization |  | Net Book Value |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Book Value
Goodwill and intangible assets: |  |  |  |  |  |  |  |  |  |  |
Goodwill | $ | 37,931 |  |  | $ | — |  |  | $ | 37,931 |  |  | $ | 37,914 |  |  | $ | — |  |  | $ | 37,914 |
Intangible assets (1) | 32,304 |  |  | (15,684) |  |  | 16,620 |  |  | 32,287 |  |  | (14,505) |  |  | 17,782 |
| $ | 70,235 |  |  | $ | (15,684) |  |  | $ | 54,551 |  |  | $ | 70,201 |  |  | $ | (14,505) |  |  | $ | 55,696 |
(1) | Total weighted average amortization period was 4.1 years and 4.5 years as of March 31, 2023 and December 31, 2022, respectively.
The Company recorded amortization expense for intangible assets of $1.2 million for both the three months ended March 31, 2023 and 2022. The changes in the carrying amount of goodwill consisted of the following (in thousands):
| Three Months Ended March 31, 2023
Beginning balance | $ | 37,914 |
Additions from acquisitions | — |
Impact of foreign currency translation | 17 |
Ending balance | $ | 37,931 |
In the three month period ended March 31, 2022, the Company recorded $4.0 million of goodwill in connection with an acquisition. Estimated amortization expense for intangible assets by year for the next five years and thereafter consisted of the following (in thousands):
| March 31, 2023
Remainder of 2023 | $ | 3,435 |
2024 | 4,091 |
2025 | 3,873 |
2026 | 2,156 |
2027 | 1,736 |
Thereafter | 1,329 |
| $ | 16,620 |
The Company evaluates goodwill for impairment annually in the fourth quarter. In addition to the annual impairment evaluation, the Company evaluates at least quarterly whether events or circumstances have occurred in the period subsequent to the annual impairment testing, which indicate that it is more likely than not an impairment loss has occurred. The Company evaluates its intangible assets that have finite useful lives whenever an event or change in circumstances indicates that the carrying value of the asset may not be recoverable. As of March 31, 2023, the Company considered the impact of economic conditions and evaluated its goodwill and intangible assets for impairment testing. The Company estimated the recoverability of the intangible assets by comparing the carrying amount of each asset to the future undiscounted cash flows that the Company expects the asset to generate. The sum of the undiscounted expected future cash flows was greater than the carrying amount of the intangible assets. The Company concluded that as of March 31, 2023, there was no impairment of its intangible assets or goodwill.

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- References No definition available. + Details
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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI https://asc.fasb.org/topic&trid=2303972 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 5 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=128092470&loc=d3e4946-128472 + Details
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