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 following table summarizes changes in goodwill during the six months ended June 30, 2024 (in thousands):

Balance at December 31, 2023	$	1,070,310
Additions	47,654
Adjustments due to currency translation and other	(1,749)
Balance at June 30, 2024	$	1,116,215

The following table sets forth the components of indefinite-lived and amortizable intangible assets as of June 30, 2024 and December 31, 2023 (in thousands):

	June 30, 2024						December 31, 2023
	Gross		Accumulated Amortization		Carrying Value		Gross		Accumulated Amortization		Carrying Value		Useful Life in Years
Amortizable intangible assets:
Customer contracts	$	660,242	$	(274,031)	$	386,211	$	625,920	$	(239,768)	$	386,152	3-20
Trademarks and tradenames	22,527		(10,924)		11,603		21,566		(9,933)		11,633		7-20
Other intangible assets	26,050		(19,843)		6,207		24,766		(18,779)		5,987		3-20
Total amortizable intangible assets	$	708,819	$	(304,798)	$	404,021	$	672,252	$	(268,480)	403,772
Indefinite-lived intangible assets					141,958						141,962
Total customer contracts and other intangible assets					$	545,979					$	545,734

Amortization expense related to intangible assets was $19.3 million and $18.0 million for the three months ended June 30, 2024 and 2023, respectively. Amortization expense related to intangible assets was $38.0 million and $32.0 million for the six months ended June 30, 2024 and 2023, respectively. Customer contracts and other amortizable intangible assets are amortized on a straight-line basis over their economic useful lives.

Estimated amortization expense for the existing carrying amount of amortizable intangible assets for each of the five succeeding fiscal years as of June 30, 2024 are as follows:

(in thousands)
2024 (excluding the six months ended June 30, 2024)	$	42,771
2025	74,333
2026	70,233
2027	66,367
2028	64,356