Goodwill and Identifiable Intangible Assets

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Identifiable Intangible Assets

The Company’s goodwill is tested for impairment at the reporting unit level annually and in interim periods if certain events occur that indicate that the fair value of a reporting unit may be below its carrying value. Determining the number of reporting units and the fair value of a reporting unit requires the Company to make judgments and involves the use of significant estimates and assumptions.

The annual goodwill testing date for the reporting units that are included in the portfolio purchasing and recovery reportable segment is October 1st. There have been no events or circumstances during the three months ended March 31, 2022 that have required the Company to perform an interim assessment of goodwill carried at these reporting units. Management continues to evaluate and monitor all key factors impacting the carrying value of the Company’s recorded goodwill and long-lived assets. Adverse changes in the Company’s actual or expected operating results, market capitalization, business climate, economic factors or other negative events that may be outside the control of management could result in a material non-cash impairment charge in the future.

The Company’s goodwill is attributable to reporting units included in its portfolio purchasing and recovery segment. The following table summarizes the activity in the Company’s goodwill balance (in thousands):


	Three Months Ended March 31,
	2022		2021
Balance, beginning of period	$	897,795	$	906,962

Effect of foreign currency translation	(21,254)		5,208
Balance, end of period	$	876,541	$	912,170

The Company’s acquired intangible assets are summarized as follows (in thousands):


	As of March 31, 2022						As of December 31, 2021
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer relationships	$	65,072	$	(32,090)	$	32,982	$	66,969	$	(31,154)	$	35,815
Developed technologies	2,481		(2,474)		7		2,549		(2,530)		19
Trade name and other	1,575		(1,127)		448		1,597		(1,111)		486
Total intangible assets	$	69,128	$	(35,691)	$	33,437	$	71,115	$	(34,795)	$	36,320