GOODWILL AND INTANGIBLE ASSETS, NET

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill by reportable segment was as follows:


	North America		Europe		Total
Balance as of January 1, 2023	$	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
NEORIS acquisition	333,538		73,218		406,756
First Derivative acquisition	35,793		134,650		170,443
Other 2024 Acquisitions	40,529		12,926		53,455
2023 Acquisitions purchase accounting adjustments	861		—		861
Effect of net foreign currency exchange rate changes	(515)		(11,884)		(12,399)
Balance as of December 31, 2024	$	652,066	$	529,509	$	1,181,575

There were no accumulated goodwill impairment losses in the North America or Europe reportable segments as of December 31, 2024, 2023 or 2022.

Intangible assets other than goodwill as of December 31, 2024 and 2023 were as follows:


	As of December 31, 2024
	Weighted average life at acquisition (in years)	Gross carrying amount		Accumulated amortization		Net carrying amount
Customer relationships	8	$	547,552	$	(128,148)	$	419,404
Trade names	5	26,468		(10,017)		16,451
Software	5	5,942		(5,656)		286
Contract royalties	8	1,900		(1,623)		277
Total		$	581,862	$	(145,444)	$	436,418


	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

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,
	2024		2023		2022
Customer relationships	$	26,798	$	19,855	$	18,946
Trade names	1,437		1,522		1,909
Software	1,002		1,102		1,086
Contract royalties	238		238		238
Assembled workforce	—		—		44
Total	$	29,475	$	22,717	$	22,223

Based on the carrying value of the Company’s existing intangible assets as of December 31, 2024, the estimated amortization expense for the future years is as follows:


Year ending December 31,	Amount
2025	$	68,591
2026	64,529
2027	60,519
2028	54,424
2029	52,367
Thereafter	135,988
Total	$	436,418