Goodwill and Other Intangible Assets

3 Months Ended

Mar. 31, 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 March 31, 2022 are as follows (in thousands):

	January 1, 2022		Foreign Currency Translation		March 31, 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		13		429
Total Goodwill	$	755,225	$	13	$	755,238

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):

	March 31, 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	$	308,397	$	(196,317	)	$	112,080	$	308,369	$	(189,163	)	$	119,206
Technology		7.3		33,700		(32,285	)		1,415		33,700		(31,982	)		1,718
Trade names	Indefinite			45,200		—			45,200		45,200		—			45,200
Total acquired intangible assets			$	387,297	$	(228,602	)	$	158,695	$	387,269	$	(221,145	)	$	166,124

Amortization expense was $7.5 million and $5.3 million for the three months ended March 31, 2022 and 2021, respectively. Amortization expense was primarily related to the U.S. Secure Services, Electronic Monitoring and Supervision Services and Reentry Services segments' amortization of acquired facility management contracts. As of March 31, 2022, the weighted average period before the next contract renewal or extension for the acquired facility management contracts was approximately 2.8 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	$	10,977
2023		11,813
2024		9,314
2025		9,263
2026		7,170
Thereafter		64,958
	$	113,495