General form of registration statement for all companies including face-amount certificate companies

Goodwill and Other Intangible Assets

v3.21.2
Goodwill and Other Intangible Assets
12 Months Ended
Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets
NOTE 6 – GOODWILL AND OTHER INTANGIBLE ASSETS
The Company’s goodwill balance consists of the following:
 
(in ‘000)
  
Amount
 
December 31, 2019
  
$
376,000
 
Integron acquisition
     6,527  
Measurement period adjustment – Aspider
     (98
Currency translation
     (182
    
 
 
 
December 31, 2019
  
$
382,247
 
Measurement period adjustment – Integron
     (366
Currency translation
     868  
    
 
 
 
December 31, 2020
  
$
382,749
 
    
 
 
 
The Company’s other intangible assets consist of the following:
 
(in ‘000)
  
Gross
Carrying
Amount
    
Accumulated
Amortization
    
Net
Carrying
Value
 
Customer relationships
   $ 307,355      $ (143,230    $ 164,125  
Technology
     46,229        (33,394      12,835  
Carrier contracts
     65,700        (33,918      31,782  
Trademarks
     15,828        (7,608      8,220  
Internally developed and acquired computer software
     45,148        (21,908      23,240  
    
 
 
    
 
 
    
 
 
 
Total as of December 31, 2020
  
$
480,260
 
  
$
(240,058
  
$
240,203
 
    
 
 
    
 
 
    
 
 
 
 
(in ‘000)
  
Gross
Carrying
Amount
    
Accumulated
Amortization
    
Net
Carrying
Value
 
Customer relationships
   $ 306,656      $ (116,655    $ 190,001  
Technology
     45,953        (26,927      19,026  
Carrier contracts
     65,700        (27,348      38,352  
Trademarks
     15,721        (5,955      9,766  
Internally developed and acquired computer software
     34,176        (14,419      19,757  
    
 
 
    
 
 
    
 
 
 
Total as of December 31, 2019
  
$
468,206
 
  
$
(191,304
  
$
276,902
 
    
 
 
    
 
 
    
 
 
 
                         
Amortization expense for the years ended December 31, 2020 and 2019 was $48.0 million and $43.4 million,
respectively.
The following table shows
 the weighted average remaining useful lives per intangible asset category as of December 31, 2020.
 
    
Years
 
Customer relationships
     6.7  
Technology
     4.1  
Carrier contracts
     4.9  
Trademarks
     5.1  
Internally developed and acquired computer software
     5.2  
The following table shows the estimated amortization expense for the next five years and thereafter as of December 31, 2020.
 
(in ‘000)
  
Amount
 
2021
   $ 46,304  
2022
     44,615  
2023
     41,735  
2024
     37,020  
2025
     34,482  
Thereafter
     36,047  
    
 
 
 
Total
   $ 240,203  
    
 
 
 
Impairment of Internally Developed Computer Software
During the year ended December 31, 2019, the Company recorded a $3.9 million impairment
 
charge for internally developed and acquired computer software associated with the RACO Wireless, LLC acquisition in December 2014. The impairment was a direct result of technological advancements resulting in 2G and 3G networks being sunset and is recorded under intangible asset impairment loss in the consolidated statement of operations.