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 activity in goodwill by segment for the six months ended June 30, 2024 was as follows:

	December 31, 2023		Currency Translation		June 30, 2024
	(In thousands)
U.S.	$	41,936	$	—	$	41,936
Europe	1,116,521		(10,610)		1,105,911
Mexico	127,804		(17,366)		110,438
Total	$	1,286,261	$	(27,976)	$	1,258,285

Intangible assets consisted of the following:

	December 31, 2023		Amortization		Currency Translation		June 30, 2024
	(In thousands)
Cost:
Trade names not subject to amortization	$	580,473	$	—	$	(6,413)	$	574,060
Trade names subject to amortization	112,681		—		(367)		112,314
Customer relationships	441,719		—		(5,805)		435,914
Accumulated amortization:
Trade names	(57,762)		(1,938)		52		(59,648)
Customer relationships	(223,128)		(14,192)		3,582		(233,738)
Intangible assets, net	$	853,983	$	(16,130)	$	(8,951)	$	828,902

Intangible assets are amortized over the estimated useful lives of the assets as follows:

Customer relationships	3-18 years
Trade names subject to amortization	15-20 years

At June 30, 2024, the Company assessed if events or changes in circumstances indicated that any asset group-level carrying amounts of its goodwill and intangible assets might not be recoverable. There were no indicators present that required the Company to test the recoverability of the asset group-level carrying amounts of its goodwill or intangible assets at that date. The Company will perform its annual tests of recoverability of goodwill and trade names not subject to amortization in the fourth quarter of 2024, which if there were to be an impairment could be material.