Quarterly report pursuant to Section 13 or 15(d)


3 Months Ended
Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill Goodwill
The carrying value of goodwill, as of March 31, 2023 and December 31, 2022, was $165.3 million and $167.7 million, respectively. No goodwill impairment was recorded during the three months ended March 31, 2023 or 2022.
The goodwill of the acquired companies is primarily related to expected improvements in technology performance and functionality, as well as sales growth from future product and service offerings and new customers, together with certain intangible assets that do not qualify for separate recognition. The goodwill of acquired companies is generally not deductible for tax purposes.
The following table summarizes goodwill activity:
Balance as of December 31, 2022
$ 167,731 
Changes in foreign currency translation
Balance as of March 31, 2023
$ 165,335