Goodwill and Other Intangible Assets |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Other Intangible Assets | 5. Goodwill and Other Intangible Assets Changes in the carrying value of goodwill for the years ended December 31, 2021 and 2020 were as follows (in thousands):
The Company completed its annual assessments of goodwill as of June 30, 2021 and October 1, 2021 based on qualitative factors and determined that the fair value of its goodwill significantly exceeded carrying value; as such, no impairment existed at those dates. The Company expects that its entire goodwill balance will be deductible for tax purposes. Acquired intangible assets that are subject to amortization as of December 31, 2021 and 2020, were as follows (in thousands):
(1) Includes acquired intangible assets related to the Company’s acquisition of OnDeck. See Note 2 for additional information. Developed technology is amortized over five years on a straight-line basis. Customer, lead provider and broker relationships are generally amortized over to five years based on the pattern of economic benefits provided. Trade names and trademarks are generally amortized over to 20 years on a straight-line basis. Licenses are generally amortized over five years on a straight-line basis. Amortization expense for acquired intangible assets was $6.9 million, $1.8 million and $1.1 million for the years ended December 31, 2021, 2020 and 2019, respectively. Estimated future amortization expense for the years ended December 31, is as follows (in thousands):
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