Goodwill

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

Goodwill

The following table reflects changes in the carrying amount of goodwill for the years ended December 31, 2024 and 2023:

In thousands	Device Solutions		Networked Solutions		Outcomes		Total Company
Goodwill balance at January 1, 2023	$	—	$	899,887	$	138,834	$	1,038,721
Effect of change in exchange rates	—		11,960		1,823		13,783
Goodwill balance at December 31, 2023	—		911,847		140,657		1,052,504
Goodwill acquired (1)	—		—		19,251		19,251
Effect of change in exchange rates	—		(17,028)		(2,597)		(19,625)
Goodwill balance at December 31, 2024	$	—	$	894,819	$	157,311	$	1,052,130

(1) On March 1, 2024, we acquired Elpis Squared. The purchase resulted in the recognition of $19.7 million in goodwill allocated to our Outcomes operating segment and reporting unit. In the fourth quarter of 2024, a tax adjustment reduced the goodwill acquired related to Elpis Squared to $19.3 million. Refer to Note 4: Intangible Assets and Liabilities and Note 18: Business Combination for additional information on the transaction.

The accumulated goodwill impairment losses at December 31, 2024 and 2023 were $714.9 million. The goodwill impairment losses were originally recognized in 2011, 2013, and 2022.

We test goodwill for impairment each year as of October 1. Changes in market demand, fluctuations in the markets in which we operate, the volatility and decline in the worldwide equity markets, and a decline in our market capitalization could unfavorably impact the remaining carrying value of our goodwill, which could have a significant effect on our current and future results of operations and financial position. Based on the results of the annual impairment testing for our reporting units performed as of October 1, 2024, no adjustments to the carrying value of goodwill were required. Refer to Note 1: Summary of Significant Accounting Policies for further details regarding the annual goodwill impairment process.