Annual report pursuant to Section 13 and 15(d)

Goodwill and Intangible Assets, Net (Tables)

v3.22.4
Goodwill and Intangible Assets, Net (Tables)
 12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
Goodwill consisted of the following (in thousands):
For the year ended December 31, 2022 For the nine months ended December 31, 2021 For the three months ended March 31, 2021
Successor Predecessor
Beginning balance $ —  $ —  $ 121,233 
Additions from acquisitions —  1,294,230  7,517 
Impairment —  (1,294,230) — 
Ending balance $ —  $ —  $ 128,750 
Schedule of Intangible Assets, Net
Intangible assets, net, consisted of the following (in thousands):
December 31, 2022 Amortization Period (Years) Cost Accumulated Amortization Impairment Net
Non-amortizing intangibles
Trade name N/A $ 91,600  $ —  $ (58,500) $ 33,100 
Total non-amortizing intangibles $ 91,600  $ —  $ (58,500) $ 33,100 
Amortizing intangibles
Broker/customer relationships
8 - 15
 $ 541,100  $ (92,352) $ (107,293) $ 341,455 
Trade names and other
   5 - 10(1)
10,937  (2,165) (8,772) — 
Total amortizing intangibles $ 552,037  $ (94,517) $ (116,065) $ 341,455 
Total intangibles $ 643,637  $ (94,517) $ (174,565) $ 374,555 
(1)As of December 31, 2022, trade names and other intangibles is $0. This was the amortization period prior to the impairment.
December 31, 2021 Amortization Period (Years) Cost Accumulated Amortization Impairment Net
Non-amortizing intangibles
Trade name
N/A
 $ 178,000  $ —  $ (86,400) $ 91,600 
Total non-amortizing intangibles $ 178,000  $ —  $ (86,400) $ 91,600 
Amortizing intangibles
Broker/customer relationships
8 - 15
 $ 541,100  $ (39,711) $ —  $ 501,389 
Trade names and other
5 - 10
 10,937  (1,026) —  9,911 
Total amortizing intangibles $ 552,037  $ (40,737) $ —  $ 511,300 
Total intangibles $ 730,037  $ (40,737) $ (86,400) $ 602,900 
Schedule of Indefinite-Lived Intangible Assets
Intangible assets, net, consisted of the following (in thousands):
December 31, 2022 Amortization Period (Years) Cost Accumulated Amortization Impairment Net
Non-amortizing intangibles
Trade name N/A $ 91,600  $ —  $ (58,500) $ 33,100 
Total non-amortizing intangibles $ 91,600  $ —  $ (58,500) $ 33,100 
Amortizing intangibles
Broker/customer relationships
8 - 15
 $ 541,100  $ (92,352) $ (107,293) $ 341,455 
Trade names and other
   5 - 10(1)
10,937  (2,165) (8,772) — 
Total amortizing intangibles $ 552,037  $ (94,517) $ (116,065) $ 341,455 
Total intangibles $ 643,637  $ (94,517) $ (174,565) $ 374,555 
(1)As of December 31, 2022, trade names and other intangibles is $0. This was the amortization period prior to the impairment.
December 31, 2021 Amortization Period (Years) Cost Accumulated Amortization Impairment Net
Non-amortizing intangibles
Trade name
N/A
 $ 178,000  $ —  $ (86,400) $ 91,600 
Total non-amortizing intangibles $ 178,000  $ —  $ (86,400) $ 91,600 
Amortizing intangibles
Broker/customer relationships
8 - 15
 $ 541,100  $ (39,711) $ —  $ 501,389 
Trade names and other
5 - 10
 10,937  (1,026) —  9,911 
Total amortizing intangibles $ 552,037  $ (40,737) $ —  $ 511,300 
Total intangibles $ 730,037  $ (40,737) $ (86,400) $ 602,900 
Schedule of Estimated Amortization Expense
The estimated amortization expense for each of the five succeeding fiscal years and thereafter as of December 31, 2022 is as follows (in thousands):
Year Ending December 31, Amount
2023 $ 43,687 
2024 43,687 
2025 43,687 
2026 43,687 
2027 43,687 
Thereafter 123,020 
Total future amortization expense $ 341,455