GOODWILL AND INTANGIBLE ASSETS, NET

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill by reportable segment was as follows:


	North America		Europe		Russia		Total
Balance as of January 1, 2022	$	217,594	$	312,413	$	716	$	530,723
2022 Acquisitions	—		10,124		—		10,124
Emakina acquisition purchase accounting adjustments	—		2,602		—		2,602
PolSource acquisition purchase accounting adjustments	(44)		(30)		—		(74)
CORE acquisition purchase accounting adjustments	—		959		—		959
Other 2021 Acquisitions purchase accounting adjustments	(20)		937		—		917
Goodwill impairment	—		—		(686)		(686)
Effect of net foreign currency exchange rate changes	(570)		(14,893)		(30)		(15,493)
Balance as of December 31, 2022	$	216,960	$	312,112	$	—	$	529,072
2023 Acquisitions	24,477		—		—		24,477
2022 Acquisitions purchase accounting adjustments	—		87		—		87
Effect of net foreign currency exchange rate changes	423		8,400		—		8,823
Balance as of December 31, 2023	$	241,860	$	320,599	$	—	$	562,459

See Note 2 “Impact of the Invasion of Ukraine” for more information regarding the goodwill impairment recorded in the Russia segment during the year ended December 31, 2022.

The Russia segment had accumulated goodwill impairment losses of $2.9 million as of December 31, 2022, and $2.2 million as of December 31, 2021. On July 26, 2023, the Company completed the sale of its remaining holdings in Russia to a third-party. There were no accumulated goodwill impairment losses in the North America or Europe reportable segments as of December 31, 2023, 2022 or 2021.

Intangible assets other than goodwill as of December 31, 2023 and 2022 were as follows:


	As of December 31, 2023
	Weighted average life at acquisition (in years)	Gross carrying amount		Accumulated amortization		Net carrying amount
Customer relationships	8	$	171,735	$	(103,651)	$	68,084
Trade names	4	10,798		(9,588)		1,210
Software	6	6,134		(4,825)		1,309
Contract royalties	8	1,900		(1,385)		515
Total		$	190,567	$	(119,449)	$	71,118


	As of December 31, 2022
	Weighted average life at acquisition (in years)	Gross carrying amount		Accumulated amortization		Net carrying amount
Customer relationships	8	$	154,407	$	(82,505)	$	71,902
Trade names	4	10,520		(7,900)		2,620
Software	6	6,022		(3,644)		2,378
Contract royalties	8	1,900		(1,148)		752
Total		$	172,849	$	(95,197)	$	77,652

All of the intangible assets other than goodwill have finite lives and as such are subject to amortization. Amortization of the other intangible assets is recognized in Depreciation and amortization expense in the consolidated statements of income.

The following table presents amortization expense recognized for the periods indicated:


	For the Years Ended December 31,
	2023		2022		2021
Customer relationships	$	19,855	$	18,946	$	15,399
Trade names	1,522		1,909		842
Software	1,102		1,086		1,114
Contract royalties	238		238		238
Assembled workforce	—		44		53
Total	$	22,717	$	22,223	$	17,646

Based on the carrying value of the Company’s existing intangible assets as of December 31, 2023, the estimated amortization expense for the future years is as follows:


Year ending December 31,	Amount
2024	$	22,080
2025	18,264
2026	14,133
2027	9,870
2028	2,999
Thereafter	3,772
Total	$	71,118