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Goodwill and Other Intangible Assets | 6 Months Ended
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Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | 4. Goodwill and Other Intangible Assets Changes in the Company’s goodwill balance for the six months ended June 30, 2022 are summarized in the table below:
($ in thousands) |  | Goodwill
Balance at December 31, 2021 |  | $ | 457,472 |
Acquired in business combinations |  | 48,768 |
Adjustment related to prior year business combinations |  | 1,466 |
Adjustment related to finalization of current year business combinations |  | (226) |
Foreign currency translation adjustment and other |  | (14,999) |
Balance at June 30, 2022 |  | $ | 492,481 |
Net intangible assets include the estimated acquisition-date fair values of customer relationships, marketing-related assets, developed technology, and non-compete agreements that the Company recorded as part of its business acquisitions. The following is a summary of the Company’s intangible assets, net (in thousands):
| Estimated Useful Life (Years) |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
June 30, 2022: |  |  |  |  |  |  |
Customer relationships | 1-10 |  | $ | 372,591 |  |  | $ | 142,416 |  |  | $ | 230,175 |
Trade name | 1.5-10 |  | 9,857 |  |  | 6,175 |  |  | 3,682 |
Developed technology | 4-9 |  | 93,064 |  |  | 50,184 |  |  | 42,880 |
Non-compete agreements | 3 |  | 1,148 |  |  | 1,148 |  |  | — |
Favorable Leases | 6.3 |  | 287 |  |  | 23 |  |  | 264 |
Total intangible assets |  |  | $ | 476,947 |  |  | $ | 199,946 |  |  | $ | 277,001 |
| Estimated Useful Life (Years) |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
December 31, 2021: |  |  |  |  |  |  |
Customer relationships | 1-10 |  | $ | 358,943 |  |  | $ | 126,329 |  |  | $ | 232,614 |
Trade name | 1.5-10 |  | 9,714 |  |  | 5,752 |  |  | 3,962 |
Developed technology | 4-9 |  | 88,548 |  |  | 45,204 |  |  | 43,344 |
Non-compete agreements | 3 |  | 1,148 |  |  | 1,148 |  |  | — |
Total intangible assets |  |  | $ | 458,353 |  |  | $ | 178,433 |  |  | $ | 279,920 |
The Company periodically reviews the estimated useful lives of its identifiable intangible assets, taking into consideration any events or circumstances that might result in either a diminished fair value or revised useful life. Management recorded no impairments of intangible assets or goodwill during the three and six months ended June 30, 2022 or the year ended December 31, 2021. Total amortization expense was $13.5 million and $12.7 million during the three months ended June 30, 2022 and June 30, 2021, respectively, and $27.4 million and $24.7 million during the six months ended June 30, 2022 and June 30, 2021, respectively. As of June 30, 2022, the estimated annual amortization expense for the next five years and thereafter is as follows (in thousands):
|  | Amortization Expense
Year ending December 31: |  |
Remainder of 2022 |  | $ | 25,803 |
2023 |  | 50,546 |
2024 |  | 48,060 |
2025 |  | 44,823 |
2026 |  | 41,871 |
2027 and thereafter |  | 65,898 |
Total |  | $ | 277,001 |

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