Goodwill and Other Intangible Assets

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

2. GOODWILL AND OTHER INTANGIBLE ASSETS

The Company has recorded goodwill as a result of its various business combinations. Goodwill is recorded as the difference, if any, between the aggregate consideration paid for an acquisition and the fair value of the tangible assets and intangible assets acquired net of liabilities assumed, including noncontrolling interests. Changes in the Company's goodwill balances from January 1, 2022 to September 30, 2022 are as follows (in thousands):


	January 1, 2022		Foreign Currency Translation			September 30, 2022
U.S. Secure Services	$	316,366	$	—		$	316,366
Electronic Monitoring and Supervision Services		289,570		—			289,570
Reentry Services		148,873		—			148,873
International Services		416		(46	)		370
Total Goodwill	$	755,225	$	(46	)	$	755,179

The Company has also recorded other finite and indefinite-lived intangible assets as a result of its various business combinations. The Company's intangible assets include facility management contracts, covenants not to compete, trade names and technology, as follows (in thousands):


	September 30, 2022									December 31, 2021
	Weighted Average Useful Life (years)		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Facility management contracts		16.3	$	308,335	$	(203,071	)	$	105,264	$	308,369	$	(189,163	)	$	119,206
Technology		7.3		33,700		(32,892	)		808		33,700		(31,982	)		1,718
Trade names	Indefinite			45,200		—			45,200		45,200		—			45,200
Total acquired intangible assets			$	387,235	$	(235,963	)	$	151,272	$	387,269	$	(221,145	)	$	166,124

Amortization expense was $14.8 million and $15.0 million for the nine months ended September 30, 2022 and 2021, respectively. As of September 30, 2022, the weighted average period before the next contract renewal or extension for the acquired facility management contracts was approximately 3.1 years.

Estimated amortization expense related to the Company's finite-lived intangible assets for the remainder of 2022 through 2026 and thereafter is as follows (in thousands):


Fiscal Year	Total Amortization Expense
Remainder of 2022	$	3,601
2023		11,813
2024		9,314
2025		9,263
2026		7,157
Thereafter		64,924
	$	106,072