Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

The changes in the carrying amount of goodwill for the years ended December 31, 2020 and 2021 were as follows:


(in thousands)
Goodwill at December 31, 2019	$	830,252
Foreign currency translation adjustment	1,548
Goodwill at December 31, 2020	831,800
Foreign currency translation adjustment	(985)
Acquisition of EBI	21,721
Goodwill at December 31, 2021	$	852,536

Goodwill at December 31, 2020 and 2021 includes approximately $13.5 million and $11.5 million, respectively, that will be tax deductible in future years. As of December 31, 2019, 2020 and 2021, there has been no impairment of the recognized goodwill.

Intangible Assets

Intangible assets, net consisted of the following as of December 31, 2020 and 2021:


		December 31, 2020						December 31, 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	$	507,087	$	(304,855)	$	202,232
Trademarks	4 - 16 years	75,562		(26,855)		48,707		77,434		(31,685)		45,749
Non-compete agreement	1 - 4 years	2,442		(2,442)		—		3,191		(2,462)		729
Technology	3 - 7 years	215,686		(155,309)		60,377		231,165		(191,320)		39,845
Domain names	3 - 15 years	10,118		(3,333)		6,785		10,118		(4,009)		6,109
Favorable leases	4 - 14 years	4,940		(2,129)		2,811		4,940		(2,458)		2,482
		$	760,601	$	(460,057)	$	300,544	$	833,935	$	(536,789)	$	297,146

Included within technology is $34.9 million and $30.7 million of internal-use software, net of accumulated amortization, as of December 31, 2020 and 2021, respectively. As of December 31, 2021, $7.3 million of technology assets have not yet been put in service.

The Company capitalized costs to develop internal-use software included in technology of $14.2 million in 2020 (consisting of internal costs of $10.8 million and external costs of $3.4 million) and of $15.9 million in 2021 (consisting of internal costs of $12.5 million and external costs of $3.4 million).

During the years ended December 31, 2019, 2020 and 2021, the Company recorded a write-down related to the impairment of capitalized software in the amount of $2.5 million, $0.7 million and $0.3 million, respectively.

Amortization expense was $85.2 million, $84.1 million and $77.5 million, for the years ended December 31, 2019, 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 economic benefits are consumed. Estimated amortization expense is as follows for each of the next five years:


(in thousands)
Year Ending December 31,
2022	$	67,669
2023	48,476
2024	39,304
2025	30,735
2026	26,677
Thereafter	84,285
	$	297,146