Goodwill and Other Intangible Assets, Net

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets, Net

The changes in the carrying amount of goodwill for the years ended December 31, 2024 and 2023 were as follows (in thousands):


	Goodwill
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

Acquisitions	35,466

Measurement period adjustments	707
Cumulative translation adjustment	(2,227)
Balance at December 31, 2024	$	540,290

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

The Company completed its annual goodwill impairment testing during the fourth quarters of 2024 and 2023, 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, 2024
	Gross Amount		Accumulated Amortization		Net Carrying Amount		Weighted- Average Remaining Life (Years)
Definite life intangible assets:
Customer-related	$	256,374	$	113,590	$	142,784	10.8
Technology	23,997		23,997		—		N/A
Noncompete agreements	21,815		20,621		1,194		1.5
Patents	12,577		11,102		1,475		2.7
All other	19,937		6,711		13,226		12.1
Total definite life intangible assets	334,700		176,021		158,679
Indefinite life intangible assets:
Trade names	79,570		—		79,570		N/A
Licenses	2,207		—		2,207		N/A
Domain name	454		—		454		N/A
Total indefinite life intangible assets	82,231		—		82,231		N/A
Total	$	416,931	$	176,021	$	240,910


	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 $19.6 million, $16.0 million and $15.7 million for the years ended December 31, 2024, 2023 and 2022, 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 2024. There were no impairment charges for the Company’s definite and indefinite life intangibles for the years ended December 31, 2024, 2023 and 2022. 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, 2024 is as follows (in millions):


2025	$	21.2
2026	20.2
2027	15.9
2028	15.1
2029	11.4
2030 and thereafter	74.9
Total	$	158.7