Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

The following table sets forth details of changes in goodwill by reportable segment of the Company:


	Insurance		Healthcare		Emerging Business		Analytics		Total



Balance as of January 1, 2023	$	49,929	$	21,875	$	47,101	$	286,732	$	405,637


Currency translation adjustments	119		5		142		—		266
Balance as of June 30, 2023	$	50,048	$	21,880	$	47,243	$	286,732	$	405,903

As of June 30, 2023, the Company performed an assessment to determine whether events or circumstances exist that may lead to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. The Company considered current and forecasted economic and market conditions and qualitative factors, such as the Company’s performance during the first half of the current fiscal year, business forecasts for the remainder of the year, stock price movements, generation and availability of cash and expansion plans. The Company reviewed key assumptions, including revisions of projected future revenues for reporting units against the results of the annual impairment test performed during the fourth quarter of 2022. The Company did not identify any triggers or indications of potential impairment for its reporting units as of June 30, 2023.

The recoverability of goodwill is dependent upon the continued growth of cash flows from the Company’s business activities. This growth is based on business forecasts and improvement in profitability of its reporting units. The Company continues to maintain its focus on cultivating long-term client relationships as well as attracting new clients.

Other Intangible Assets

Information regarding the Company’s intangible assets is set forth below:


	As of June 30, 2023
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Finite-lived intangible assets:
Customer relationships	$	99,146	$	(45,463)	$	53,683
Developed technology	3,542		(2,092)		1,450
Trade names and trademarks	1,700		(1,447)		253
Non-compete agreements	336		(135)		201
	104,724		(49,137)		55,587
Indefinite-lived intangible assets:
Trade names and trademarks	900		—		900
Total intangible assets	$	105,624	$	(49,137)	$	56,487


	As of December 31, 2022
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Finite-lived intangible assets:
Customer relationships	$	99,146	$	(39,848)	$	59,298
Developed technology	24,878		(20,902)		3,976
Trade names and trademarks	1,700		(1,303)		397
Non-compete agreements	336		(88)		248
	126,060		(62,141)		63,919
Indefinite-lived intangible assets:
Trade names and trademarks	900		—		900
Total intangible assets	$	126,960	$	(62,141)	$	64,819

The amortization expense recognized in the unaudited consolidated statements of income was as follows:


	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Amortization expense	$	4,204	$	4,146	$	8,353	$	8,632

The remaining weighted average life of intangible assets is as follows:


			(in years)
Customer relationships			5.0
Developed technology			1.9
Trade names and trademarks (finite lived)			1.1
Non-compete agreements			2.3


Estimated future amortization expense related to finite-lived intangible assets as of June 30, 2023 was as follows:
2023 (July 1 - December 31)	$	6,315
2024	12,140
2025	10,705
2026	10,366
2027	9,364
2028 and thereafter	6,697
Total	$	55,587