Goodwill and Other Intangible Assets, Net

6 Months Ended

Jun. 30, 2024

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, 2023	$	506,344

Measurement period adjustments	221
Cumulative translation adjustment	(1,139)
Balance at June 30, 2024	$	505,426

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):


	June 30, 2024
	Gross Amount		Accumulated Amortization		Net Carrying Amount		Weighted- Average Remaining Life (Years)
Definite life intangible assets:
Customer-related	$	210,773	$	105,289	$	105,484	9.3
Technology	23,997		23,997		—		N/A
Noncompete agreements	20,966		20,002		964		2.1
Patents	12,334		10,893		1,441		2.9
All other	19,835		8,155		11,680		10.8
Total definite life intangible assets	287,905		168,336		119,569		9.3
Indefinite life intangible assets:
Trade names	79,570		—		79,570		N/A
Licenses	2,230		—		2,230		N/A
Domain name	454		—		454		N/A
Total indefinite life intangible assets	82,254		—		82,254		N/A
Total	$	370,159	$	168,336	$	201,823


	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

Intangible amortization expense was $4.7 million and $4.2 million for the three months ended June 30, 2024 and 2023, respectively. Intangible amortization expense was $9.6 million and $7.9 million for the six months ended June 30, 2024 and 2023, 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 six months ended June 30, 2024 and 2023.

The estimated future amortization expense of definite life intangible assets as of June 30, 2024 is as follows (in millions):


2024	$	9.0
2025	17.4
2026	17.0
2027	12.7
2028	11.9
2029 and thereafter	51.6
Total	$	119.6