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Goodwill and Intangible Assets (Tables)
12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Summary of Changes in Goodwill

Changes in goodwill for the years ended December 31, 2024 and 2023, are as follows:

(in thousands)

 

Branded Services

 

 

Experiential Services

 

 

Retailer Services

 

 

Total

 

Gross carrying amount as of December 31, 2022

 

$

990,115

 

 

$

547,671

 

 

$

1,206,559

 

 

$

2,744,345

 

Accumulated impairment charge

 

 

(722,675

)

 

 

(308,244

)

 

 

(988,604

)

 

 

(2,019,523

)

Balance at January 1, 2023

 

 

267,440

 

 

 

239,427

 

 

 

217,955

 

 

 

724,822

 

Measurement period adjustments

 

 

350

 

 

 

 

 

 

 

 

 

350

 

Deconsolidation of subsidiaries

 

 

(18,193

)

 

 

 

 

 

 

 

 

(18,193

)

Foreign exchange translation effects

 

 

3,212

 

 

 

 

 

 

 

 

 

3,212

 

Balance at December 31, 2023

 

 

252,809

 

 

 

239,427

 

 

 

217,955

 

 

 

710,191

 

Impairment charge

 

 

(233,170

)

 

 

 

 

 

 

 

 

(233,170

)

Balance at December 31, 2024

 

$

19,639

 

 

$

239,427

 

 

$

217,955

 

 

$

477,021

 

Summary of Intangible Assets

The following tables set forth information for intangible assets:

 

 

 

 

 

December 31, 2024

 

(amounts in thousands)

 

Weighted Average Useful Life

 

Gross
Carrying
Value

 

 

Accumulated
Amortization

 

 

Accumulated
Impairment Charges

 

 

Net Carrying
Value

 

Finite-lived intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

Client relationships

 

14 years

 

$

2,256,382

 

 

$

1,559,551

 

 

$

 

 

$

696,831

 

Trade names

 

10 years

 

 

88,600

 

 

 

62,353

 

 

 

 

 

 

26,247

 

Total finite-lived intangible assets

 

 

2,344,982

 

 

 

1,621,904

 

 

 

 

 

 

723,078

 

Indefinite-lived intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

Trade name

 

 

 

 

1,480,000

 

 

 

 

 

 

870,500

 

 

 

609,500

 

Total other intangible assets

 

 

 

$

3,824,982

 

 

$

1,621,904

 

 

$

870,500

 

 

$

1,332,578

 

 

 

 

 

 

December 31, 2023

 

(amounts in thousands)

 

Weighted Average Useful Life

 

Gross
Carrying
Value

 

 

Accumulated
Amortization

 

 

Accumulated
Impairment Charges

 

 

Net Carrying
Value

 

Finite-lived intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

Client relationships

 

14 years

 

$

2,282,792

 

 

$

1,417,570

 

 

$

 

 

$

865,222

 

Trade names

 

10 years

 

 

88,600

 

 

 

53,494

 

 

 

 

 

 

35,106

 

Total finite-lived intangible assets

 

 

2,371,392

 

 

 

1,471,064

 

 

 

 

 

 

900,328

 

Indefinite-lived intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

Trade name

 

 

 

 

1,480,000

 

 

 

 

 

 

828,500

 

 

 

651,500

 

Total other intangible assets

 

$

3,851,392

 

 

$

1,471,064

 

 

$

828,500

 

 

$

1,551,828

 

Summary of Estimated Future Amortization Expenses of Finite Lived Intangible Assets

As of December 31, 2024, estimated future amortization expenses of the Company’s finite-lived intangible assets are as follows:

(in thousands)

 

 

 

2025

 

$

171,619

 

2026

 

 

169,131

 

2027

 

 

167,500

 

2028

 

 

133,069

 

2029

 

 

76,636

 

Thereafter

 

 

5,123

 

Total amortization expense

 

$

723,078