Goodwill and Other Intangible Assets, Net

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets, Net

The changes in the carrying amount of goodwill were as follows (in thousands):


	Goodwill
Balance at December 31, 2022	$	486,585
Acquisitions	14,831
Measurement period adjustments	(1,493)
Cumulative translation adjustment	874
Balance at September 30, 2023	$	500,797

For additional information on Goodwill, see Note 4—“Acquisitions.”

Goodwill is not amortized and is reviewed annually for impairment or more frequently if impairment indicators arise, in accordance with U.S. GAAP guidance on Goodwill and Other Intangible Assets.

Other intangible assets consisted of the following (in thousands, except weighted-average remaining life):


	September 30, 2023
	Gross Amount		Accumulated Amortization		Net Carrying Amount		Weighted- Average Remaining Life (Years)
Definite life intangible assets:
Customer-related	$	195,846	$	93,699	$	102,147	8.8
Technology	23,997		23,997		—		N/A
Noncompete agreements	20,144		19,258		886		3.6
Patents	11,880		10,628		1,252		3.0
All other	18,434		8,419		10,015		9.6
Total definite life intangible assets	270,301		156,001		114,300		8.8
Indefinite life intangible assets:
Trade names	79,570				79,570		N/A
Licenses	2,208				2,208		N/A
Domain name	454				454		N/A
Total indefinite life intangible assets	82,232		—		82,232		N/A
Total	$	352,533	$	156,001	$	196,532	8.8


	December 31, 2022
	Gross Amount		Accumulated Amortization		Net Carrying Amount		Weighted- Average Remaining Life (Years)
Definite life intangible assets:
Customer-related	$	173,436	$	74,337	$	99,099	9.3
Technology	23,997		23,997		—		N/A
Noncompete agreements	19,818		19,078		740		3.9
Patents	11,473		10,430		1,043		3.1
All other	17,035		7,442		9,593		8.7
Total definite life intangible assets	245,759		135,284		110,475		9.2
Indefinite life intangible assets:
Trade names	79,570		—		79,570		N/A
Licenses	2,284		—		2,284		N/A
Domain name	454		—		454		N/A
Total indefinite life intangible assets	82,308		—		82,308		N/A
Total	$	328,067	$	135,284	$	192,783	9.2

Intangible amortization expense was $4.1 million and $3.7 million for the three months ended September 30, 2023 and 2022, respectively. Intangible amortization expense was $12.0 million and $11.7 million for the nine months ended September 30, 2023 and 2022, respectively. Intangible amortization is included as part of “Other expenses” in the Company’s unaudited Condensed Consolidated Statements of Operations. There were no impairment charges for the Company’s definite and indefinite life intangibles for the three and nine months ended September 30, 2023 and 2022.

The estimated future amortization expense of definite life intangible assets as of September 30, 2023 is as follows (in millions):


2023	$	4.0
2024	16.2
2025	16.2
2026	15.8
2027	11.5
2028 and thereafter	50.6
Total	$	114.3