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Goodwill
3 Months Ended
Mar. 31, 2023
Goodwill Disclosure [Abstract]  
Goodwill

9. GOODWILL

The changes in the carrying amount of goodwill for the three months ended March 31, 2023 are as follows:

 

(In thousands)

 

Network Solutions

 

 

Services & Support

 

 

Total

 

As of December 31, 2022

 

$

298,280

 

 

$

83,444

 

 

$

381,724

 

Foreign currency translation adjustments

 

 

3,139

 

 

 

892

 

 

 

4,031

 

As of March 31, 2023

 

$

301,419

 

 

$

84,336

 

 

$

385,755

 

 

Related to the Business Combination with ADVA the Company recognized $350.5 million of goodwill upon the merger on July 15, 2022. Goodwill represents the excess purchase price over the fair value of net assets acquired. We qualitatively assess the carrying value of goodwill each reporting period for events or circumstance changes that would more likely than not reduce the fair value of the reporting unit below its carrying amount. Based on its assessment of certain qualitative factors such as macro-economic conditions, industry and market considerations, costs factors and overall financial performance, management concluded that no such events or circumstance changes were identified that would suggest that the fair value of the goodwill was more likely than not greater than it's carrying amount as of March 31, 2023. No impairment of goodwill was recorded during the three months ended March 31, 2023 and 2022.