GOODWILL AND INTANGIBLE ASSETS-NET
|9 Months Ended|
Sep. 30, 2022
|Goodwill and Intangible Assets Disclosure [Abstract]|
|GOODWILL AND INTANGIBLE ASSETS-NET||
4. GOODWILL AND INTANGIBLE ASSETS-NET
Goodwill consists of the excess of the purchase price over the fair value of identifiable net assets of businesses acquired. The following is the summary of the changes to the carrying amount of goodwill for the nine months ended September 30, 2022 and the year ended December 31, 2021:
SCHEDULE OF INTANGIBLE ASSETS AND GOODWILL
Intangible assets include customer contracts and relationships and covenants not-to-compete acquired in connection with acquisitions, as well as trademarks acquired and software costs. Intangible assets – net as of September 30, 2022, and December 31, 2021 consist of the following:
SCHEDULE OF FINITE-LIVED INTANGIBLE ASSETS
Other intangible assets primarily represent acquired software and purchased intangibles. Amortization expense was approximately $7.3 million and $8.0 million for the nine months ended September 30, 2022 and 2021, respectively. The weighted-average amortization period is three years.
As of September 30, 2022, future amortization scheduled to be expensed is as follows:
SCHEDULE OF FINITE-LIVED INTANGIBLE ASSETS, FUTURE AMORTIZATION EXPENSE
The entire disclosure for goodwill and intangible assets.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef