Goodwill and Other Intangible Assets

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Note 4 – Goodwill and Other Intangible Assets

Goodwill allocated to the Company’s reportable segments is summarized as follows:


(in thousands)	Americas		Asia		Total
Goodwill as of September 30, 2023 and December 31, 2022	$	154,014	$	38,102	$	192,116

Other assets, net consist primarily of acquired identifiable intangible assets and capitalized purchased software costs. Acquired identifiable intangible assets and capitalized purchased software costs as of September 30, 2023 and December 31, 2022 were as follows:


(in thousands)	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Customer relationships	$	100,059	$	(70,703	)	$	29,356
Capitalized purchased software costs		43,816		(29,288	)		14,528
Technology licenses		15,500		(15,500	)		—
Trade names and trademarks		7,800		—			7,800
Other		868		(398	)		470
Total intangible assets as of September 30, 2023	$	168,043	$	(115,889	)	$	52,154


(in thousands)	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Customer relationships	$	100,072	$	(65,958	)	$	34,114
Capitalized purchased software costs		52,483		(36,702	)		15,781
Technology licenses		15,500		(15,500	)		—
Trade names and trademarks		7,800		—			7,800
Other		868		(377	)		491
Total intangible assets as of December 31, 2022	$	176,723	$	(118,537	)	$	58,186

Customer relationships are being amortized on a straight-line basis over a period of 10 to 14 years. Capitalized purchased software costs are amortized straight-line over the estimated useful life of the related software, which ranges from 2 to 14 years. Technology licenses are being amortized over their estimated useful lives in proportion to the economic benefits consumed. The Company’s acquired trade names and trademarks have been determined to have an indefinite life. Amortization on the condensed consolidated statements of cash flow for the nine months ended September 30, 2023 and 2022 was as follows:


	Nine Months Ended September 30,
(in thousands)	2023		2022
Amortization of intangible assets	$	4,775	$	4,792
Amortization of capitalized purchased software costs		3,517		3,019
Amortization of debt costs		368		302
	$	8,660	$	8,113

The estimated future amortization expense of acquired intangible assets for each of the next five years is as follows:


Year ending December 31,	Amount
2023 (remaining three months)	$	1,592
2024		4,817
2025		4,817
2026		4,817
2027		4,817