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Goodwill and Intangible Assets | 12 Months Ended
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Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | 3. Goodwill and Intangible Assets Changes in goodwill for the years ended December 31, 2020 and 2019, are as follows:
(in thousands) |  | Sales |  |  | Marketing |  |  | Total |
Gross carrying amount as of December 31, 2019 |  | $ | 2,090,340 |  |  | $ | 678,356 |  |  | $ | 2,768,696 |
Accumulated impairment charge (1) |  |  | (652,000 | ) |  |  | — |  |  |  | (652,000 | )
Balance at December 31, 2019 |  | $ | 1,438,340 |  |  | $ | 678,356 |  |  | $ | 2,116,696 |
Acquisitions |  |  | 20,788 |  |  |  | 22,605 |  |  |  | 43,393 |
Foreign exchange translation effects |  |  | 3,250 |  |  |  | — |  |  |  | 3,250 |
Balance at December 31, 2020 |  | $ | 1,462,378 |  |  | $ | 700,961 |  |  | $ | 2,163,339 |
(in thousands) |  | Sales |  |  | Marketing |  |  | Total |
Gross carrying amount as of December 31, 2018 |  | $ | 2,085,684 |  |  | $ | 672,683 |  |  | $ | 2,758,367 |
Accumulated impairment charge (1) |  |  | (652,000 | ) |  |  | — |  |  |  | (652,000 | )
Balance at December 31, 2018 |  | $ | 1,433,684 |  |  | $ | 672,683 |  |  | $ | 2,106,367 |
Acquisitions |  |  | 2,948 |  |  |  | 4,403 |  |  |  | 7,351 |
Foreign exchange translation effects |  |  | (418 | ) |  |  | 1,270 |  |  |  | 852 |
Foreign exchange translation effects |  |  | 2,126 |  |  |  | — |  |  |  | 2,126 |
Balance at December 31, 2019 |  | $ | 1,438,340 |  |  | $ | 678,356 |  |  | $ | 2,116,696 |
(1) | During the fiscal year ended December 31, 2018, the Company recognized a non-cash goodwill impairment charge of $652.0 million related to the Company’s sales reporting unit as a result of the Company’s annual evaluation of goodwill impairment test.
The following tables set forth information for intangible assets:
|  |  |  |  | December 31, 2020 |
(in thousands) |  | Weighted Average Useful Life |  |  | Gross Carrying Value |  |  | Accumulated Amortization |  |  | Accumulated Impairment Charges |  |  | Net Carrying Value |
Finite-lived intangible assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Client relationships |  |  | 14 years |  |  | $ | 2,455,360 |  |  | $ | 977,140 |  |  | $ | — |  |  | $ | 1,478,220 |
Trade names |  |  | 8 years |  |  |  | 134,220 |  |  |  | 66,209 |  |  |  | — |  |  |  | 68,011 |
Developed technology |  |  | 5 years |  |  |  | 10,160 |  |  |  | 5,989 |  |  |  | — |  |  |  | 4,171 |
Covenant not to compete |  |  | 5 years |  |  |  | 6,100 |  |  |  | 3,706 |  |  |  | — |  |  |  | 2,394 |
Total finite-lived intangible assets |  |  |  | 2,605,840 |  |  |  | 1,053,044 |  |  |  | — |  |  |  | 1,552,796 |
Indefinite-lived intangible assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trade names |  |  |  |  |  |  | 1,480,000 |  |  |  | — |  |  |  | 580,000 |  |  |  | 900,000 |
Total other intangible assets |  |  |  |  |  | $ | 4,085,840 |  |  | $ | 1,053,044 |  |  | $ | 580,000 |  |  | $ | 2,452,796 |
|  |  |  |  | December 31, 2019 |
(in thousands) |  | Weighted Average Useful Life |  |  | Gross Carrying Value |  |  | Accumulated Amortization |  |  | Accumulated Impairment Charges |  |  | Net Carrying Value |
Finite-lived intangible assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Client relationships |  |  | 14 years |  |  | $ | 2,408,573 |  |  | $ | 798,153 |  |  | $ | — |  |  | $ | 1,610,420 |
Trade names |  |  | 8 years |  |  |  | 132,844 |  |  |  | 52,485 |  |  |  | — |  |  |  | 80,359 |
Developed technology |  |  | 5 years |  |  |  | 10,160 |  |  |  | 3,957 |  |  |  | — |  |  |  | 6,203 |
Covenant not to compete |  |  | 5 years |  |  |  | 6,100 |  |  |  | 2,486 |  |  |  | — |  |  |  | 3,614 |
Total finite-lived intangible assets |  |  |  |  |  |  | 2,557,677 |  |  |  | 857,081 |  |  |  | — |  |  |  | 1,700,596 |
Indefinite-lived intangible assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trade names |  |  |  |  |  |  | 1,480,000 |  |  |  | — |  |  |  | 580,000 |  |  |  | 900,000 |
Total other intangible assets |  |  |  |  |  | $ | 4,037,677 |  |  | $ | 857,081 |  |  | $ | 580,000 |  |  | $ | 2,600,596 |
As of December 31, 2020, estimated future amortization expenses of the Company’s existing intangible assets are as follows:
(in thousands) |  |  |
2021 |  | $ | 195,704 |
2022 |  |  | 193,094 |
2023 |  |  | 189,512 |
2024 |  |  | 188,549 |
2025 |  |  | 183,401 |
Thereafter |  |  | 602,536 |
Total amortization expense |  | $ | 1,552,796 |
The Company recorded all intangible assets at their respective fair values and assessed the useful lives of the assets. Client relationships were valued using the multi-period excess earnings method under the income approach. The values of client relationships are generally regarded as the estimated economic benefit derived from the incremental revenues and related cash flow as a direct result of the client relationships in place versus having to replicate them. Further, the Company evaluated the legal, regulatory, contractual, competitive, economic or other factors in determining the useful life. Trade names were valued using the relief-from-royalty method under the income approach. This method relies on the premise that, in lieu of ownership, a company would be willing to pay a royalty to obtain access to the use and benefits of the trade names. The Company has considered its sales and marketing trade names related to the 2014 Topco Acquisition to be indefinite, as there is no foreseeable limit on the period of time over which such trade names are expected to contribute to the cash flows of the reporting entity. Further, the Company evaluated legal, regulatory, contractual, competitive, economic and other factors in determining the useful life. In connection with the acquisitions during the years ended December 31, 2020 and 2019, the Company recorded intangible assets of $42.5 million and $10.4 million, respectively. Amortization expenses included in the Consolidated Statements of Operations and Comprehensive Loss for the years ended December 31, 2020, 2019 and 2018 were $191.2 million, $189.9 million, and $188.8 million, respectively. No impairment related to the Company’s intangible assets was recorded for the year s ended December 31, 2020 and 2019. During the fiscal year ended December 31, 2018, the Company recognized a non-cash intangible asset impairment charge of $580.0 million related to the Company’s indefinite-lived sales trade name in connection with the annual intangible impairment test (as further described in Note 1, Organization and Significant Account Policies ).

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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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