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Goodwill and Other Intangible Assets | 9 Months Ended
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Sep. 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 nine months ended September 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 |  | 508 |
Foreign currency translation adjustment and other |  | (28,572) |
Balance at September 30, 2022 |  | $ | 479,642 |
Goodwill is evaluated for impairment annually in October or more frequently when an event occurs or circumstances change that indicate the carrying value may not be recoverable. The events and circumstances considered by the Company include the business climate, legal factors, operating performance indicators and competition. Determining the fair value of goodwill is subjective in nature and often involves the use of estimates and assumptions including, without limitation, use of estimates of future prices and volumes for our products, capital needs, economic trends and other factors which are inherently difficult to forecast. If actual results, or the plans and estimates used in future impairment analyses are lower than the original estimates used to assess the recoverability of these assets, we could incur impairment charges in a future period. 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
September 30, 2022: |  |  |  |  |  |  |
Customer relationships | 1-10 |  | $ | 359,858 |  |  | $ | 147,631 |  |  | $ | 212,227 |
Trade name | 1.5-10 |  | 9,535 |  |  | 6,298 |  |  | 3,237 |
Developed technology | 4-9 |  | 90,186 |  |  | 51,848 |  |  | 38,338 |
Favorable Leases | 6.3 |  | 270 |  |  | 32 |  |  | 238 |
Total intangible assets |  |  | $ | 459,849 |  |  | $ | 205,809 |  |  | $ | 254,040 |
| 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 nine months ended September 30, 2022 or the year ended December 31, 2021. Total amortization expense was $12.8 million and $13.2 million during the three months ended September 30, 2022 and September 30, 2021, respectively, and $40.1 million and $37.9 million during the nine months ended September 30, 2022 and September 30, 2021, respectively. As of September 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 |  | $ | 12,409 |
2023 |  | 48,769 |
2024 |  | 46,381 |
2025 |  | 43,178 |
2026 |  | 40,299 |
2027 and thereafter |  | 63,004 |
Total |  | $ | 254,040 |

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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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