Intangible Assets and Goodwill

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

NOTE 7. INTANGIBLE ASSETS AND GOODWILL

Intangible Assets. Intangible assets include customer relationships, non-compete agreements, trade names, technology, patents, and other intangibles associated with various business and asset acquisitions. These acquired intangible assets were recorded at fair value determined as of the date of acquisition and are being amortized over the period we expect to benefit from the assets.

A summary of intangible assets as of December 31, 2024 and 2023 is as follows.

	December 31, 2024
(in thousands)	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Customer relationships	$	145,966	$	(46,693	)	$	99,273
Non-compete agreements		500		(393	)		107
Trade names		18,280		(9,297	)		8,983
Technology, patents and other		26,133		(26,133	)		—
Total	$	190,879	$	(82,516	)	$	108,363
	December 31, 2023
(in thousands)	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Customer relationships	$	78,166	$	(38,511	)	$	39,655
Non-compete agreements		500		(321	)		179
Trade names		10,980		(9,006	)		1,974
Technology, patents and other		26,133		(26,133	)		—
Total	$	115,779	$	(73,971	)	$	41,808

Amortization expense on intangible assets for the years ended December 31, 2024, 2023 and 2022 was $8.5 million, $8.0 million and $6.6 million, respectively.

See below for estimated future amortization expenses:

Year	(in thousands)
2025	$	14,423
2026		12,932
2027		11,363
2028		11,363
2029		10,292
Thereafter		47,990

Goodwill. The following table presents a roll-forward of goodwill for the years ended December 31, 2024 and 2023:

(in thousands)	Goodwill, Gross		Accumulated Impairment			Goodwill, Net
Balance at December 31, 2022	$	94,436	$	(70,504	)	$	23,932
Additions		—		—			—
Balance at December 31, 2023	$	94,436	$	(70,504	)	$	23,932
Additions - DWS Acquisition		36,244		—			36,244
Balance at December 31, 2024	$	130,680	$	(70,504	)	$	60,176

Impairment. We analyzed definite lived intangible assets for impairment as of December 31, 2024, 2023 and 2022 in accordance with Accounting Standards Codification 360 Property, Plant, and Equipment, noting no impairment indicators were present. We analyzed goodwill for impairment as of December 31, 2024, 2023 and 2022, in accordance with Accounting Standards Codification 350 Intangibles—Goodwill and Other, noting no impairment indicators were present. For our annual goodwill impairment test as of December 31, 2024, 2023 and 2022, we performed a qualitative assessment to determine if it was more likely than not (that is, a likelihood of more than 50 percent) that the fair value of our reporting unit was less than its carrying value as of the test date. We evaluated events and circumstances since the date of our last quantitative or qualitative assessment, including macroeconomic conditions, industry and market conditions, and our overall financial performance, and it was determined that the reporting unit fair value was, more likely than not, greater than the carrying amount. Therefore, no impairment charges were recorded related to goodwill for the years ended December 31, 2024, 2023 and 2022. We will continue to evaluate our goodwill and definite lived assets for potential triggering events as conditions warrant.