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GOODWILL AND OTHER INTANGIBLES

12 Months Ended

Dec. 31, 2023

NOTE 6 – GOODWILL AND OTHER INTANGIBLES

Goodwill:

Goodwill is reviewed for impairment annually during the fourth quarter, or more frequently if events or changes in circumstances indicate that impairment may exist. Goodwill is not amortizable for financial statement purposes. The Company did not record any goodwill impairment during the years ended December 31, 2023, 2022, or 2021.

The following table identifies the changes in goodwill and certain acquisition intangibles, which were included in “Goodwill” on the accompanying Consolidated Balance Sheets for the years ended December 31, 2023 and 2022 (in thousands):


	2023		2022
Goodwill, balance at January 1,	$	884,445	$	879,340
Change in goodwill related to small acquisitions		1,989		1,452
Foreign currency translation		11,262		3,653
Goodwill, balance at December 31,	$	897,696	$	884,445

Intangibles other than goodwill:

The following table identifies the components of the Company’s intangible assets, inclusive of foreign currency translation adjustments, which were included in “Other assets, net” on the accompanying Consolidated Balance Sheets for the years ended December 31, 2023 and 2022 (in thousands):


	December 31, 2023						December 31, 2022
	Cost of		Accumulated		Net		Cost of		Accumulated		Net
	Intangibles		Amortization		Intangibles		Intangibles		Amortization		Intangibles
Finite-lived intangible assets:
Trade names ⁽¹⁾	$	9,797	$	(8,273)	$	1,524	$	8,532	$	(5,532)	$	3,000
Non-compete agreements ⁽²⁾		2,240		(1,419)		821		7,010		(5,965)		1,045
Other intangible assets ⁽³⁾		10,027		(4,095)		5,932		12,446		(6,406)		6,040
Total finite-lived intangible assets		22,064		(13,787)		8,277		27,988		(17,903)		10,085

Indefinite-lived intangible assets:
Trade names		41,493		—		41,493		36,134		—		36,134

Total intangible assets	$	63,557	$	(13,787)	$	49,770	$	64,122	$	(17,903)	$	46,219

⁽¹⁾	Weighted-average remaining useful life of approximately 3.9 years as of December 31, 2023.

⁽²⁾	Weighted-average remaining useful life of approximately 4.0 years as of December 31, 2023.

⁽³⁾	Includes internally-developed software and customer relationships and has an estimated weighted-average remaining useful life of approximately 5.9 years as of December 31, 2023.

During the years ended December 31, 2023 and 2022, the Company recorded non-compete agreement assets in conjunction with small acquisitions in the amount of less than $0.1 million for each year. Other than the non-compete agreement assets, the Company did not record additional finite-lived or indefinite-lived intangible assets during the years ended December 31, 2023 and 2022. For the year ended December 31, 2023, 2022, and 2021, the Company recorded aggregate amortization expense related to its intangible assets in the amounts of $3.0 million, $4.8 million and $4.9 million, respectively.

Indefinite-lived intangible assets, such as trade names, are reviewed for impairment annually during the fourth quarter, or more frequently if events or changes in circumstances indicate that impairment may exist. The Company did not record any indefinite-lived intangible asset impairment during the years ended December 31, 2023, 2022, or 2021.

The following table identifies the estimated amortization expense of the Company’s intangibles for each of the next five years, and the aggregate thereafter, and reconciles to net, finite-lived intangible assets included in “Other assets, net” on the accompanying Consolidated Balance Sheets as of December 31, 2023 (in thousands):


	December 31, 2023
	Amortization Expense
2024	$	1,620
2025		1,613
2026		1,588
2027		1,448
2028		1,088
Thereafter		920
Total net, finite-lived intangible assets	$	8,277