Goodwill and Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

The changes in the carrying amount of goodwill for the six months ended June 30, 2022 are as follows (in thousands):

 

Balance at December 31, 2021	$	515,229
Measurement period adjustments for acquisitions	349
Effect of foreign currency translation adjustments	(2,862)
Balance at June 30, 2022	$	512,716

Intangible assets

The following table presents a summary of the Company’s intangible assets that are subject to amortization (in thousands):

	June 30, 2022						December 31, 2021
	Gross Carrying Amounts		Accumulated Amortization		Net Carrying Amounts		Gross Carrying Amounts		Accumulated Amortization		Net Carrying Amounts
Customer relationships	$	124,683	$	(59,952)	$	64,731	$	125,433	$	(51,253)	$	74,180
Non-compete agreements	1,436		(876)		560		1,444		(736)		708
Customer backlog	3,018		(2,252)		766		3,025		(741)		2,284
Trade name	563		(494)		69		683		(155)		528
Developed software	7,379		(4,294)		3,085		6,982		(3,405)		3,577
Total	$	137,079	$	(67,868)	$	69,211	$	137,567	$	(56,290)	$	81,277

Estimated useful lives of intangible assets

The estimated useful lives of identifiable intangible assets are as follows:

 

Customer relationships	5 - 10 years
Non-compete agreements	4 - 5 years
Customer backlog	1 year
Trade name	1 year
Developed software	1 - 7 years

Estimated annual amortization expense

Estimated annual amortization expense for the next five years ended December 31 and thereafter is as follows: (in thousands):

2022 remaining	$	10,722
2023	$	15,007
2024	$	11,841
2025	$	8,701
2026	$	6,508
Thereafter	$	16,432