Goodwill and other intangibles

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and other intangibles. The summary of changes in goodwill is as follows:


	Title	Real Estate Solutions	Corporate and Other	Total
	(in $ thousands)
Balances at January 1, 2022	583,944	325,543	15,350	924,837

Acquisitions	134,225	—	—	134,225
Purchase accounting adjustments	2,701	26,961	(14,450)	15,212

Disposals	(392)	—	(900)	(1,292)
Balances at December 31, 2022	720,478	352,504	—	1,072,982

Acquisitions	8,581	11,690	—	20,271
Purchase accounting adjustments	(20,977)	—	—	(20,977)

Disposals	(147)	—	—	(147)
Balances at December 31, 2023	707,935	364,194	—	1,072,129

An aggregate of $18.0 million and $128.9 million of the goodwill recognized in 2023 and 2022, respectively, related to acquisitions is tax-deductible over a period of 15 years from the corresponding acquisition date. In connection with its acquisitions, the Company recorded during 2023 and 2022 other intangible assets of $28.7 million and $12.6 million, respectively, while it wrote off $10.5 million of other intangible assets related to the disposal of a business in 2022. Purchase accounting adjustments for goodwill in 2023 and 2022 were adjustments recorded within the one-year measurement period to provisional purchase accounting related to respective prior year acquisitions. These adjustments primarily resulted in the recognition of other intangible assets related to customer relationships and internally-developed technology.

The summary of other intangibles by major class (refer to Note 1-M) is as follows:


	Customer Relationships	Technology	Others	Total
	(in $ thousands)
Balances at December 31, 2023:
Gross	162,302	81,062	48,957	292,321
Accumulated amortization	(31,878)	(38,823)	(28,424)	(99,125)
Net	130,424	42,239	20,533	193,196

Balances at December 31, 2022:
Gross	136,027	78,627	48,957	263,611
Accumulated amortization	(17,879)	(23,744)	(22,904)	(64,527)
Net	118,148	54,883	26,053	199,084

Total amortization expense recorded for other intangible assets was $34.6 million and $33.0 million in 2023 and 2022, respectively. The annual amortization expense expected to be recognized in the next five years relating to other intangible assets is approximately $31.2 million in 2024, $27.4 million in 2025, $21.3 million in 2026, $12.8 million in 2027 and $11.3 million in 2028.