Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

5.	Goodwill and Intangible Assets

Goodwill

The changes in the carrying amount of goodwill for the nine months ended September 30, 2021 were as follows:


(in thousands)
Goodwill as of December 31, 2020	$	831,800
Foreign currency translation adjustment		(1,121	)

Goodwill as of September 30, 2021	$	830,679

Intangible Assets

Intangible assets, net consisted of the following for the periods presented:


			December 31, 2020							September 30, 2021
(dollars in thousands)	Estimated Useful Lives		Gross Carrying Amount		Accumulated Amortization			Net		Gross Carrying Amount		Accumulated Amortization			Net
Customer lists		7 - 17 years	$	451,853	$	(269,989	)	$	181,864	$	450,979	$	(295,584	)	$	155,395
Trademarks		4 - 16 years		75,562		(26,855	)		48,707		75,302		(30,408	)		44,894
Technology		3 - 7 years		215,686		(155,309	)		60,377		227,147		(182,177	)		44,970
Domain names		3 - 15 years		10,118		(3,333	)		6,785		10,118		(3,840	)		6,278
Favorable leases		4 - 14 years		4,940		(2,129	)		2,811		4,940		(2,376	)		2,564

			$	758,159	$	(457,615	)	$	300,544	$	768,486	$	(514,385	)	$	254,101

Included within technology is $34.9 million and $32.2 million of

internal-use

software, net of accumulated amortization, as of December 31, 2020 and September 30, 2021, respectively. As of September 30, 2021, $6.4 million of technology assets have not yet been put in service.

The Company capitalized $11.3 million of costs to develop

internal-use

software included in technology during the nine months ended September 30, 2020 (consisting of internal costs of $8.1 million and external costs of $3.2 million) and $12.0 million during the nine months ended September 30, 2021 (consisting of internal costs of $9.3 million and external costs of $2.7 million).

For each of the nine months ended September 30, 2020 and 2021, the Company recorded a write-down related to the impairment of capitalized software in the amount of

$0.1 million.

Amortization expense was $21.2 million and $19.2 million for the three months ended September 30, 2020 and

2021

, respectively, and $62.9 million and $57.7 million for the nine months ended September 30, 2020 and 2021, respectively. Except for the customer lists, which are amortized utilizing an accelerated method, all other intangible assets are amortized on a straight-line basis, which approximates the pattern in which the related economic benefits are consumed. The following is a schedule of estimated

future

amortization

expense

as of

September 30, 2021:


(in thousands)
Year Ending December 31,
2021	$	19,608
2022		58,541
2023		39,884
2024		31,176
2025		24,711
Thereafter		80,181

	$	254,101