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Goodwill and Intangible Assets | 12 Months Ended
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Dec. 31, 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. 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, 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 1 year to 20 years. The changes in carrying amounts of goodwill attributable to continuing operations for the years ended December 31, 2022 and 2021 are as follows (in thousands):
| Amount
Balance as of January 1, 2021 | $ | 342,430 |
Foreign exchange translation | (3,221) |
Balance as of December 31, 2021 | $ | 339,209 |
Goodwill acquired (Note 4) | 5,677 |
Foreign exchange translation (1) | 1,699 |
Balance as of December 31, 2022 | $ | 346,585 |
(1) In 2022, the Company recorded a $5.5 million out of period correction that increased goodwill with an offset to the cumulative translation adjustment. It was deemed to be an out of period correction that was not material to 2022 or any prior period. There has not previously been an impairment charge of goodwill related to continuing operations. Intangible Assets with Indefinite Lives: Intangible assets are summarized as of December 31, 2022 and 2021 as follows (in thousands):
| 2022 |  | 2021
Trade names | $ | 27,337 |  |  | $ | 27,388 |
Other | 4,045 |  |  | 3,683 |
Total | $ | 31,382 |  |  | $ | 31,071 |
Intangible Assets Subject to Amortization: In addition to the intangible assets related to Summit (refer to Note 4 - Business Acquisitions) the Company acquired technology for jSign, a corporate solution that provides electronic signature and digital signature solutions to businesses, offering document markup and end-user signing services via mobile-aware web application and enterprise API during the year ended December 31, 2022. The purchase price was $1.0 million and the asset is included in Intangibles, net on the Consolidated Balance Sheets and other purchased intangibles in the table below. As of December 31, 2022, intangible assets subject to amortization are summarized as follows (in thousands):
| Weighted-Average Remaining Amortization Period |  | Historical Cost |  | Accumulated Amortization |  | Net
Trade names | 0.5 years |  | $ | 8,151 |  |  | $ | 7,605 |  |  | $ | 546 |
Patent and patent licenses | 0.0 years |  | 54,341 |  |  | 54,341 |  |  | — |
Customer relationships (1) | 3.1 years |  | 107,175 |  |  | 92,573 |  |  | 14,602 |
Other purchased intangibles | 2.0 years |  | 11,937 |  |  | 9,311 |  |  | 2,626 |
Total |  |  | $ | 181,604 |  |  | $ | 163,830 |  |  | $ | 17,774 |
(1) Historically, the Company has amortized its customer relationship assets in a pattern that best reflects the pace in which the assets’ benefits are consumed. This pattern results in a substantial majority of the amortization expense being recognized in the first four to five years, despite the overall life of the asset. As of December 31, 2021, intangible assets subject to amortization are summarized as follows (in thousands):
| Weighted-Average Remaining Amortization Period |  | Historical Cost |  | Accumulated Amortization |  | Net
Trade names | 1.6 years |  | $ | 12,219 |  |  | $ | 10,633 |  |  | $ | 1,586 |
Patent and patent licenses (1) | 0.0 years |  | 54,341 |  |  | 53,930 |  |  | 411 |
Customer relationships (2) | 4.3 years |  | 99,571 |  |  | 90,050 |  |  | 9,521 |
Other purchased intangibles | 3.8 years |  | 13,160 |  |  | 12,200 |  |  | 960 |
Total |  |  | $ | 179,291 |  |  | $ | 166,813 |  |  | $ | 12,478 |
(1) The December 31, 2021 patent and patent licenses historical cost and accumulated amortization balance was adjusted to conform with presentation of the December 31, 2022 balance for comparability purposes. There was no impact to the net balance. (2) Historically, the Company has amortized its customer relationship assets in a pattern that best reflects the pace in which the assets’ benefits are consumed. This pattern results in a substantial majority of the amortization expense being recognized in the first four to five years, despite the overall life of the asset. Expected amortization expenses for intangible assets subject to amortization at December 31, 2022 are as follows (in thousands):
Fiscal Year: | Amount
2023 | $ | 4,220 |
2024 | 3,496 |
2025 | 2,645 |
2026 | 2,206 |
2027 | 1,410 |
Thereafter | 3,797 |
Total expected amortization expense | $ | 17,774 |
Amortization expense was $4.7 million, $4.8 million and $4.7 million for the years ended December 31, 2022, 2021 and 2020, respectively.

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