Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2020

Goodwill And Intangible Assets Disclosure [Abstract]

10.	Goodwill and Intangible Assets

Goodwill

The change in the carrying amount of goodwill for the year is as follows:

	December 31,
	2020		2019
	(In Thousands)
Beginning balance	$	100,069	$	98,569
Goodwill acquired or adjusted during the year		217,879		1,500
Ending balance	$	317,948	$	100,069

The Company tests goodwill at least annually and, more frequently, if events or changes in circumstances indicate that it may be more likely than not that there is a possible impairment. Due to the ongoing economic impacts from the COVID-19 pandemic, the Company conducted a quantitative goodwill impairment assessment at December 31, 2020. The impairment assessment compared the fair value of identified reporting units with their carrying amount (including goodwill). If the carrying amount of a reporting unit exceeds its fair value, an impairment loss is recognized in an amount equal to the excess. The Company's assessment estimated fair value on an income approach that incorporated a discounted cash flow (“DCF”) model that involves management assumptions based upon future growth projections, which include estimates of the COVID-19 impact on the Company’s business. Results of the assessment indicated no goodwill impairment as of December 31, 2020. The Company will continue to monitor its goodwill for possible impairment.

Acquired Intangible Assets

Activity in intangible assets for the years ended December 31, 2020, 2019 and 2018, was as follows:

	Gross Carrying Amount		Accumulated Amortization			Net Value
	(In Thousands)
Balance as of January 1, 2018	$	20,133	$	(14,430	)	$	5,703
Amortization of intangible assets		—		(1,312	)		(1,312	)
Balance as of December 31, 2018		20,133		(15,742	)		4,391
Intangible assets acquired		500		—			500
Amortization of intangible assets		—		(1,119	)		(1,119	)
Balance as of December 31, 2019		20,633		(16,861	)		3,772
Intangible assets acquired		33,014		—			33,014
Amortization of intangible assets		—		(6,449	)		(6,449	)
Balance as of December 31, 2020	$	53,647	$	(23,310	)	$	30,337

Estimated amortization expense for each of the next five years and thereafter is as follows (in thousands):

2021	$	6,208
2022		5,450
2023		4,722
2024		4,013
2025		3,306
Thereafter		6,638
Total	$	30,337