Goodwill and Intangible Assets, Net
|12 Months Ended|
Dec. 31, 2022
|Goodwill and Intangible Assets Disclosure [Abstract]|
|Goodwill and Intangible Assets, Net||GOODWILL AND INTANGIBLE ASSETS, NET
The changes in the goodwill balances by reportable segment are as follows:
Our annual goodwill impairment review was performed each year-end using a quantitative approach, and we determined that there was no goodwill impairment for the years ended December 31, 2022 and 2021. We tested goodwill for impairment at the reporting unit level utilizing the income approach which included a discounted cash flow method with a market approach. Based on our assessment, all our reporting units with goodwill had estimated fair values that exceeded their carrying values by at least 20% as of December 31, 2022 and 61% as of December 31, 2021.
Intangible Assets, Net
Definite-lived intangible assets, net consisted of the following:
Customer contracts are amortized ratably over the period of the acquired customer contracts ranging in periods from approximately to eight years. All other intangible assets are amortized over periods ranging from approximately to fifteen years, as defined by the nature of the respective intangible asset.
Separable intangible assets that are not deemed to have indefinite lives are amortized over their useful lives. We annually assess whether a change in the useful life is necessary, or more frequently if events or circumstances warrant. No changes to useful lives were made during the years ended December 31, 2022, 2021, and 2020.
The table below sets forth amortization expense:
Amortization expense for our definite-lived intangible assets for the next five years to be included in cost of revenues or selling, general, and administrative expenses is as follows:
No definition available.
The entire disclosure for goodwill and intangible assets.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef