Goodwill and Other Intangible Assets

9 Months Ended

Sep. 30, 2023

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, 2023 to September 30, 2023 are as follows (in thousands):


	January 1, 2023		Foreign Currency Translation			September 30, 2023
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		390		(21	)		369
Total Goodwill	$	755,199	$	(21	)	$	755,178

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 and trade names and technology, as follows (in thousands):


	September 30, 2023									December 31, 2022
	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	$	308,326	$	(215,255	)	$	93,071	$	308,350	$	(206,367	)	$	101,983
Technology		7.3		33,700		(33,700	)		—		33,700		(33,195	)		505
Trade names	Indefinite			45,200		—			45,200		45,200		—			45,200
Total acquired intangible assets			$	387,226	$	(248,955	)	$	138,271	$	387,250	$	(239,562	)	$	147,688

Amortization expense was $9.4 million and $14.8 million for the nine months ended September 30, 2023 and 2022, respectively. As of September 30, 2023, 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 2023 through 2027 and thereafter is as follows (in thousands):


Fiscal Year	Total Amortization Expense
Remainder of 2023	$	2,383
2024		9,305
2025		9,263
2026		7,170
2027		6,860
Thereafter		58,090
	$	93,071