Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill and Intangible Assets

The changes in carrying amounts of goodwill for the six months ended June 30, 2024 are as follows (in thousands):

	Amount
Balance as of January 1, 2024	$	348,822
Foreign exchange translation	(2,082)
Balance as of June 30, 2024	$	346,740

As of June 30, 2024 the Company’s goodwill had no accumulated impairment.

Intangible Assets with Indefinite Lives:

Intangible assets are summarized as of June 30, 2024 and December 31, 2023 as follows (in thousands):

	June 30, 2024		December 31, 2023
Trade names	$	27,339	$	27,367
Other	4,045		4,045
Total	$	31,384	$	31,412

Intangible Assets Subject to Amortization:

As of June 30, 2024, intangible assets subject to amortization are summarized as follows (in thousands):

	Weighted-Average Remaining   Amortization Period	Historical Cost		Accumulated Amortization		Net
Trade names	0.3 years	$	8,149	$	7,803	$	346
Patent and patent licenses	0.0 years	54,341		54,341		—
Customer relationships (1)	2.3 years	107,794		98,151		9,643
Other purchased intangibles	1.3 years	11,911		10,219		1,692
Total		$	182,195	$	170,514	$	11,681

(1) The Company amortizes its customer relationship assets in a pattern that best reflects the pace in which the assets’ benefits are consumed. This pattern results in a substantial majority of the amortization expense being recognized in the first four to five years, which may not correlate to the overall life of the asset.

    As of December 31, 2023, intangible assets subject to amortization are summarized as follows (in thousands):

	Weighted-Average Remaining   Amortization Period	Historical Cost		Accumulated Amortization		Net
Trade names	0.3 years	$	8,199	$	7,789	$	410
Patent and patent licenses	0.0 years	54,341		54,341		—
Customer relationships (1)	2.6 years	108,417		97,333		11,084
Other purchased intangibles	1.8 years	11,989		9,905		2,084
Total		$	182,946	$	169,368	$	13,578

(1) The Company amortizes its customer relationship assets in a pattern that best reflects the pace in which the assets’ benefits are consumed. This pattern results in a substantial majority of the amortization expense being recognized in the first four to five years, which may not correlate to the overall life of the asset.

Expected amortization expenses for intangible assets subject to amortization at June 30, 2024 are as follows (in thousands):

Fiscal Year:	Amount
2024 (remainder)	$	1,819
2025	2,596
2026	2,091
2027	1,391
2028	986
Thereafter	2,798
Total	$	11,681

Amortization expense was $0.9 million and $1.1 million for the three months ended June 30, 2024 and 2023, respectively, and $1.8 million and $2.2 million for the six months ended June 30, 2024 and 2023, respectively.