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Goodwill and Other Intangible Assets, net
9 Months Ended
Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets, net
3.
Goodwill and Other Intangible Assets, net
Goodwill related to our June 15, 2015 acquisition of Hudson Global Resources Management’s U.S. IT staffing business (“Hudson IT”) totaled $8.4 million. Goodwill related to our July 13, 2017 acquisition of the services division of InfoTrellis totaled $27.4 million. During 2018, the Company recorded a goodwill impairment related to the InfoTrellis acquisition of $9.7 million. Goodwill related to our October 1, 2020 acquisition of AmberLeaf totaled $6.4 million.
 
The Company is amortizing the identifiable intangible assets on a straight-line basis over estimated average lives ranging from 3 to 12 years. Identifiable intangible assets were comprised of the following as of September 30, 2022 and December 31, 2021:
 
    
As of September 30, 2022
 
(Amounts in thousands)
  
Amortization

Period (In Years)
    
Gross Carrying

Value
    
Accumulative

Amortization
    
Net Carrying

Value
 
IT Staffing Services:
                                   
Client relationships
     12      $ 7,999      $ 4,861      $ 3,138  
Covenant-not-to-compete
     5        319        319        —    
Trade name
     3        249        249        —    
Data and Analytics Services:
                                   
Client relationships
     12        19,641        7,731        11,910  
Covenant-not-to-compete
     5        1,201        967        234  
Trade name
     5        1,711        1,467        244  
Technology
     7        1,979        1,120        859  
             
 
 
    
 
 
    
 
 
 
Total Intangible Assets
           
$
33,099
 
  
$
16,714
 
  
$
16,385
 
             
 
 
    
 
 
    
 
 
 
 
    
As of December 31, 2021
 
(Amounts in thousands)
  
Amortization

Period (In Years)
    
Gross Carrying

Value
    
Accumulative

Amortization
    
Net Carrying

Value
 
IT Staffing Services:
                                   
Client relationships
     12      $ 7,999      $ 4,361      $ 3,638  
Covenant-not-to-compete
     5        319        319        —    
Trade name
     3        249        249        —    
Data and Analytics Services:
                                   
Client relationships
     12        19,641        6,503        13,138  
Covenant-not-to-compete
     5        1,201        788        413  
Trade name
     5        1,711        1,211        500  
Technology
     7        1,979        908        1,071  
             
 
 
    
 
 
    
 
 
 
Total Intangible Assets
           
$
33,099
 
  
$
14,339
 
  
$
18,760
 
             
 
 
    
 
 
    
 
 
 
Amortization expense for the three and nine month periods ended September 30, 2022 totaled $791,000 and $2.4 million, respectively and is included in selling, general and administrative expenses in the Consolidated Statement of Operations. For the three and nine month periods ended September 30, 2021, amortization expense was $792,000 and $2.4 million, respectively.
The estimated aggregate amortization expense for intangible assets for the years ending December 31, 2022 through 2026 is as follows:
 
    
Years Ended December 31,
 
    
2022
    
2023
    
2024
    
2025
    
2026
 
                                    
    
(Amounts in thousands)
 
Amortization expense
   $ 2,987      $ 2,772      $ 2,693      $ 2,553      $ 2,413