Goodwill and Other Intangible Assets, Net

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets, Net

Goodwill and Other Intangible Assets, Net

The changes in the carrying amount of goodwill for the years ended December 31, 2023 and 2022 were as follows (in thousands):

	Goodwill
Balance at December 31, 2021	$	486,919
Disposal of Business	(842)
Cumulative translation adjustment	508
Balance at December 31, 2022	$	486,585
Acquisitions	19,901
Measurement period adjustments	(1,493)
Cumulative translation adjustment	1,351
Balance at December 31, 2023	$	506,344

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

The Company completed its annual goodwill impairment testing during the fourth quarters of 2023 and 2022, respectively, which did not result in any goodwill impairment. See Note 3—“Summary of Significant Accounting Policies” for more information.

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

	December 31, 2023
	Gross Amount		Accumulated Amortization		Net Carrying Amount		Weighted- Average Remaining Life (Years)
Definite life intangible assets:
Customer-related	$	210,655	$	97,401	$	113,254	9.7
Technology	23,997		23,997		—		N/A
Noncompete agreements	20,892		19,322		1,570		2.2
Patents	11,950		10,703		1,247		2.9
All other	20,325		7,364		12,961		10.3
Total definite life intangible assets	287,819		158,787		129,032		9.6
Indefinite life intangible assets:
Trade names	79,570		—		79,570		N/A
Licenses	2,229		—		2,229		N/A
Domain name	454		—		454		N/A
Total indefinite life intangible assets	82,253		—		82,253		N/A
Total	$	370,072	$	158,787	$	211,285

	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

Intangible amortization expense was $16.0 million, $15.7 million and $23.3 million for the years ended December 31, 2023, 2022 and 2021, respectively. Intangible amortization is included as part of “Other expenses” in the Company’s Consolidated Statements of Operations.

The Company completed its annual intangible impairment testing during the fourth quarter of 2023. There were no impairment charges for the Company’s definite and indefinite life intangibles for the years ended December 31, 2023, 2022 and 2021. See Note 3—“Summary of Significant Accounting Policies” for more information.

The estimated future amortization expense of definite life intangible assets as of December 31, 2023 is as follows (in millions):

2024	$	18.1
2025	17.4
2026	16.9
2027	12.7
2028	12.0
2029 and thereafter	51.9
Total	$	129.0