Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Note 4 – Goodwill and Other Intangible Assets

Goodwill allocated to the Company’s reportable operating segments follows:


(in thousands)	Americas		Asia		Total
Goodwill as of June 30, 2024 and December 31, 2023	$	154,014	$	38,102	$	192,116

A summary of the Company’s acquired identifiable intangible assets and capitalized purchased software costs follows:


(in thousands)	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Customer relationships	$	100,073	$	(74,312	)	$	25,761
Capitalized purchased software costs		44,574		(29,642	)		14,932
Technology licenses		15,500		(15,500	)		—
Trade names and trademarks		7,800		—			7,800
Other		869		(416	)		453
Total intangible assets as of June 30, 2024	$	168,816	$	(119,870	)	$	48,946


(in thousands)	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Customer relationships	$	100,105	$	(71,947	)	$	28,158
Capitalized purchased software costs		45,062		(30,463	)		14,599
Technology licenses		15,500		(15,500	)		—
Trade names and trademarks		7,800		—			7,800
Other		869		(404	)		465
Total intangible assets as of December 31, 2023	$	169,336	$	(118,314	)	$	51,022

A summary of the components of amortization expense, as presented in the consolidated statements of cash flows, follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2024		2023		2024		2023
Amortization of intangible assets	$	1,204	$	1,591	$	2,408	$	3,183
Amortization of capitalized purchased software costs		1,247		1,280		2,454		2,354
Amortization of debt costs		130		124		259		238
Total amortization expense	$	2,581	$	2,995	$	5,121	$	5,775

A summary of the future amortization expense related to the Company’s intangible assets held as of June 30, 2024 for each of the next five years follows:


Year ending December 31,	Amortization Expense
Remaining six months of 2024	$	2,408
2025		4,817
2026		4,817
2027		4,817
2028		4,817
2029		4,218