Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2024

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, 2024	$	50,035	$	21,872	$	47,001	$	286,731	$	405,639


Currency translation adjustments	(21)		(2)		(35)		—		(58)
Balance as of June 30, 2024	$	50,014	$	21,870	$	46,966	$	286,731	$	405,581

As of June 30, 2024, 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 six months ended June 30, 2024, 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 2023. The Company did not identify any triggers or indications of potential impairment for its reporting units as of June 30, 2024.

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, 2024						As of December 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Finite-lived intangible assets:
Customer relationships	$	99,050	$	(56,711)	$	42,339	$	99,050	$	(51,085)	$	47,965
Developed technology	3,542		(2,931)		611		3,552		(2,522)		1,030
Trade names and trademarks	1,400		(1,356)		44		1,400		(1,286)		114
Non-compete agreements	300		(191)		109		336		(181)		155
	104,292		(61,189)		43,103		104,338		(55,074)		49,264
Indefinite-lived intangible assets:
Trade names and trademarks	900		—		900		900		—		900
Total intangible assets	$	105,192	$	(61,189)	$	44,003	$	105,238	$	(55,074)	$	50,164

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


	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Amortization expense	$	3,077	$	4,204	$	6,157	$	8,353

Estimated future amortization expense related to finite-lived intangible assets as of June 30, 2024 was as follows:


2024 (July 1 - December 31)	$	5,964
2025	10,698
2026	10,361
2027	9,364
2028	6,716
Total	$	43,103