XML 32 R15.htm IDEA: XBRL DOCUMENT

GOODWILL AND OTHER INTANGIBLES

12 Months Ended

Dec. 31, 2024

NOTE 8 – 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, 2024, 2023, or 2022.

The following table identifies the changes in goodwill, including goodwill from the acquisition of Vast Auto, which were included in “Goodwill” on the accompanying Consolidated Balance Sheets for the years ended December 31, 2024 and 2023 (in thousands):


	2024		2023
Goodwill, balance at January 1,	$	897,696	$	884,445
Change in goodwill related to acquisitions		52,105		1,989
Foreign currency translation		(19,640)		11,262
Goodwill, balance at December 31,	$	930,161	$	897,696

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, 2024 and 2023 (in thousands):


	December 31, 2024						December 31, 2023
	Cost of		Accumulated		Net		Cost of		Accumulated		Net
	Intangibles		Amortization		Intangibles		Intangibles		Amortization		Intangibles
Finite-lived intangible assets:
Trade names ⁽¹⁾	$	2,536	$	(1,612)	$	924	$	9,797	$	(8,273)	$	1,524
Non-compete agreements ⁽²⁾		2,161		(1,548)		613		2,240		(1,419)		821
Customer relationships ⁽³⁾		38,758		(6,193)		32,565		10,027		(4,095)		5,932
Total finite-lived intangible assets		43,455		(9,353)		34,102		22,064		(13,787)		8,277

Indefinite-lived intangible assets:
Trade names		33,810		—		33,810		41,493		—		41,493

Total intangible assets	$	77,265	$	(9,353)	$	67,912	$	63,557	$	(13,787)	$	49,770

⁽¹⁾	Weighted-average remaining useful life of approximately 2.9 years as of December 31, 2024.

⁽²⁾	Weighted-average remaining useful life of approximately 3.2 years as of December 31, 2024.

⁽³⁾	Weighted-average remaining useful life of approximately 12.9 years as of December 31, 2024.

During the years ended December 31, 2024 and 2023, the Company recorded non-compete agreement assets in conjunction with small acquisitions in the amount of less than $0.1 million for each year. During the year ended December 31, 2024, the Company recorded a finite-lived asset, related to customer relationships from the Vast Auto acquisition, in the amount of $32.8 million. Other than the non-compete agreement assets, the Company did not record additional finite-lived during the year ended December 31, 2023, or indefinite-lived intangible assets during the years ended December 31, 2024 and 2023. For the year ended December 31, 2024, 2023, and 2022, the Company recorded aggregate amortization expense related to its intangible assets in the amounts of $3.6 million, $3.0 million and $4.8 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, 2024, 2023, or 2022.

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, 2024 (in thousands):


	December 31, 2024
	Amortization Expense
2025	$	3,399
2026		3,374
2027		3,240
2028		2,946
2029		2,790
Thereafter		18,353
Total net, finite-lived intangible assets	$	34,102

See Note 2 for further information concerning the Vast Auto acquisition.