GOODWILL AND INTANGIBLE ASSETS

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS

The changes in the carrying amount of goodwill were as follows:

	Full service center-based child care		Back-up care		Educational advisory and other services		Total
	(In thousands)
Balance at January 1, 2023	$	1,481,936	$	206,073	$	39,843	$	1,727,852
Adjustments to prior year acquisitions	227		—		—		227
Effect of foreign currency translation	3,157		522		—		3,679
Balance at March 31, 2023	$	1,485,320	$	206,595	$	39,843	$	1,731,758

The Company also has intangible assets, which consisted of the following at March 31, 2023 and December 31, 2022:

March 31, 2023	Weighted average amortization period	Cost		Accumulated amortization		Net carrying amount
		(In thousands)
Definite-lived intangible assets:
Customer relationships	12 years	$	398,585	$	(350,266)	$	48,319
Trade names	10 years	19,262		(10,726)		8,536
		417,847		(360,992)		56,855
Indefinite-lived intangible assets:
Trade names	N/A	180,400		—		180,400
		$	598,247	$	(360,992)	$	237,255

December 31, 2022	Weighted average amortization period	Cost		Accumulated amortization		Net carrying amount
		(In thousands)
Definite-lived intangible assets:
Customer relationships	12 years	$	398,238	$	(341,918)	$	56,320
Trade names	10 years	19,231		(10,236)		8,995
		417,469		(352,154)		65,315
Indefinite-lived intangible assets:
Trade names	N/A	180,259		—		180,259
		$	597,728	$	(352,154)	$	245,574

The Company estimates that it will record amortization expense related to intangible assets existing as of March 31, 2023 as follows:

	Estimated amortization expense
	(In thousands)
Remainder of 2023	$	24,232
2024	16,534
2025	5,631
2026	4,579
2027	2,310
Thereafter	3,569
	$	56,855