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Goodwill and Intangible Assets | 12 Months Ended
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Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill The Company had goodwill of $671.9 million, net of $712.8 million accumulated impairment loss, as of December 31, 2021 and $609.5 million, net of $712.8 million accumulated impairment loss, as of December 31, 2020. As of December 31, 2021, $40.2 million of this goodwill was deductible for income tax purposes. Management performs its annual goodwill impairment test on October 1 or more frequently if events or changes in circumstances indicate that the goodwill may be impaired. As of March 31, 2020, the Company determined that a goodwill impairment evaluation triggering event occurred due to the economic downturn caused by COVID-19. As of March 31, 2020, the Company performed its goodwill impairment test at the Marketing Services and SaaS reporting unit level, which is consistent with its reportable segments. After performing this interim review for impairment, both the Marketing Services and SaaS reporting units continued to have estimated fair values greater than their respective carrying values. The Company performed a quantitative assessment as of October 1, 2021 and determined that no impairment existed. Additionally, t he Company concluded that an impairment triggering event did not occur during the three months ended December 31, 2021. In the first quarter of 2021, the Company changed its reporting structure from two to three reporting units. Accordingly, the Company assessed its goodwill for impairment under a two reporting unit structure as of October 1, 2020. Upon completion of this assessment, the Company determined that no impairment existed. Subsequent to this review and after allocating goodwill to the new reporting units based on relative fair value, the Company reassessed goodwill for impairment at the new reporting unit level (i.e. the Marketing Services, SaaS and Thryv International reporting units). Based upon each of these assessments, the Company determined no impairment existed for any of the Company's reporting units. No goodwill impairment charges were recorded in the Company's consolidated statements of operations and comprehensive income for the years ended December 31, 2021, 2020 and 2019. The following table sets forth the changes in the carrying amount of goodwill for the Company for the years ended December 31, 2021 and 2020:
(in thousands) | Marketing Services |  | SaaS |  | Thryv International |  | Total
Balance as of December 31, 2019 | $ | 390,573 |  |  | $ | 218,884 |  |  | $ | — |  |  | $ | 609,457 |
Additions | — |  |  | — |  |  | — |  |  | — |
Impairments | — |  |  | — |  |  | — |  |  | — |
Balance as of December 31, 2020 | $ | 390,573 |  |  | $ | 218,884 |  |  | $ | — |  |  | $ | 609,457 |
Additions | — |  |  | — |  |  | — |  |  | — |
Impairments | — |  |  | — |  |  | — |  |  | — |
Thryv Australia Acquisition | — |  |  | — |  |  | 64,392 |  |  | 64,392 |
Effects of foreign currency translation | — |  |  | — |  |  | (1,963) |  |  | (1,963) |
Balance as of December 31, 2021 | $ | 390,573 |  |  | $ | 218,884 |  |  | $ | 62,429 |  |  | $ | 671,886 |
Intangible Assets The Company had definite-lived intangible assets of $82.6 million and $31.8 million as of December 31, 2021 and 2020, respectively. The Company evaluated its definite-lived intangible assets for potential impairment indicators and determined there were none. Accordingly, no impairment charges were recorded during the years ended December 31, 2021 and 2020, respectively. The following tables set forth the details of the Company's intangible assets as of December 31, 2021 and 2020:
| As of December 31, 2021
(in thousands) | Gross |  | Accumulated Amortization |  | Effects of Foreign Currency Translation |  | Net |  | Weighted Average Remaining Amortization Period in Years
Client relationships | $ | 803,642 |  |  | $ | (748,460) |  |  | $ | (5,326) |  |  | $ | 49,856 |  |  | 2.7
Trademarks and domain names | 225,177 |  |  | (193,978) |  |  | (1,389) |  |  | 29,810 |  |  | 1.9
Patented technologies | 19,600 |  |  | (19,600) |  |  | — |  |  | — |  |  | 0.0
Covenants not to compete | 4,373 |  |  | (1,462) |  |  | — |  |  | 2,911 |  |  | 2.6
Total intangible assets | $ | 1,052,792 |  |  | $ | (963,500) |  |  | $ | (6,715) |  |  | $ | 82,577 |  |  | 2.4
| As of December 31, 2020
(in thousands) | Gross |  | Accumulated Amortization |  | Net |  | Weighted Average Remaining Amortization Period in Years
Client relationships | $ | 701,802 |  |  | $ | (701,518) |  |  | $ | 284 |  |  | 1.4
Trademarks and domain names | 200,300 |  |  | (169,545) |  |  | 30,755 |  |  | 2.0
Patented technologies | 19,600 |  |  | (19,600) |  |  | — |  |  | 0.0
Covenants not to compete | 1,497 |  |  | (759) |  |  | 738 |  |  | 1.8
Total intangible assets | $ | 923,199 |  |  | $ | (891,422) |  |  | $ | 31,777 |  |  | 2.0
The following tables summarize the changes in the carrying amounts of the Company's intangible assets for the years ended December 31, 2021 and 2020:
| Year Ended December 31, 2021
(in thousands) | Client Relationships |  | Trademarks and Domain Names |  | Patented Technologies |  | Covenants Not to Compete |  | Total Intangible Assets
Balance as of January 1 | $ | 284 |  |  | $ | 30,755 |  |  | $ | — |  |  | $ | 738 |  |  | $ | 31,777 |
Additions | 101,839 |  |  | 24,877 |  |  | — |  |  | 2,880 |  |  | 129,596 |
Amortization expense | (46,943) |  |  | (24,485) |  |  | — |  |  | (707) |  |  | (72,135) |
Other | (5,324) |  |  | (1,337) |  |  | — |  |  |  |  | (6,661) |
Balance as of December 31 | $ | 49,856 |  |  | $ | 29,810 |  |  | $ | — |  |  | $ | 2,911 |  |  | $ | 82,577 |
| Year Ended December 31, 2020
(in thousands) | Client Relationships |  | Trademarks and Domain Names |  | Patented Technologies |  | Covenants Not to Compete |  | Total Intangible Assets
Balance as of January 1 | $ | 85,615 |  |  | $ | 60,533 |  |  | $ | — |  |  | $ | 1,332 |  |  | $ | 147,480 |
Additions | — |  |  | — |  |  | — |  |  | 192 |  |  | 192 |
Amortization expense | (85,331) |  |  | (29,778) |  |  | — |  |  | (504) |  |  | (115,613) |
Other | — |  |  | — |  |  | — |  |  | (282) |  |  | (282) |
Balance as of December 31 | $ | 284 |  |  | $ | 30,755 |  |  | $ | — |  |  | $ | 738 |  |  | $ | 31,777 |
\ Amortization expense for intangible assets for the years ended December 31, 2021, 2020, and 2019 was $72.1 million, $115.6 million, and $166.4 million, respectively. Estimated aggregate future amortization expense by fiscal year for the Company's intangible assets is as follows:
(in thousands) |  | Estimated Future Amortization Expense
2022 |  | $ | 49,914 |
2023 |  | 21,686 |
2024 |  | 10,977 |
Total |  | $ | 82,577 |

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