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Note 9 - Goodwill and Intangible Assets | 12 Months Ended
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Dec. 31, 2023
Notes to Financial Statements |
Goodwill and Intangible Assets Disclosure [Text Block] |
9. | Goodwill and Intangible Assets
The changes in the carrying amount of goodwill by reportable segment for the years ended December 31, 2023 and 2022 are as follows:
|  | Domestic |  |  | International |  |  | Total |
Balance at December 31, 2021 |  | $ | 995,444 |  |  | $ | 414,230 |  |  | $ | 1,409,674 |
Acquisitions of businesses, net |  |  | 22,128 |  |  |  | 437 |  |  |  | 22,565 |
Foreign currency translation |  |  | (915 | ) |  |  | (30,444 | ) |  |  | (31,359 | )
Balance at December 31, 2022 |  |  | 1,016,657 |  |  |  | 384,223 |  |  |  | 1,400,880 |
Acquisitions of businesses, net |  |  | 1,376 |  |  |  | 5,363 |  |  |  | 6,739 |
Foreign currency translation |  |  | 495 |  |  |  | 24,270 |  |  |  | 24,765 |
Balance at December 31, 2023 |  | $ | 1,018,528 |  |  | $ | 413,856 |  |  | $ | 1,432,384 |
Refer to Note 3, “Acquisitions,” to the consolidated financial statements for further information regarding the Company’s acquisitions. Goodwill applicable to each reportable segment at December 31, 2023 and 2022 is as follows:
|  | Year Ended December 31, 2023 |  |  | Year Ended December 31, 2022 |
|  | Gross |  |  | Accumulated Impairment |  |  | Net |  |  | Gross |  |  | Accumulated Impairment |  |  | Net |
Domestic |  | $ | 1,521,721 |  |  | $ | (503,193 | ) |  | $ | 1,018,528 |  |  | $ | 1,519,850 |  |  | $ | (503,193 | ) |  | $ | 1,016,657 |
International |  |  | 418,467 |  |  |  | (4,611 | ) |  |  | 413,856 |  |  |  | 388,834 |  |  |  | (4,611 | ) |  |  | 384,223 |
Total |  | $ | 1,940,188 |  |  | $ | (507,804 | ) |  | $ | 1,432,384 |  |  | $ | 1,908,684 |  |  | $ | (507,804 | ) |  | $ | 1,400,880 |
The following table summarizes intangible assets by major category as of December 31, 2023 and 2022:
|  |  |  |  |  | December 31, 2023 |  |  | December 31, 2022 |
|  | Weighted Average Amortization Years |  |  | Gross |  |  | Accumulated Amortization |  |  | Net Book Value |  |  | Gross |  |  | Accumulated Amortization |  |  | Net Book Value |
Finite-lived intangible assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Tradenames |  |  | 15 |  |  | $ | 159,671 |  |  | $ | (70,997 | ) |  | $ | 88,674 |  |  | $ | 157,751 |  |  | $ | (58,821 | ) |  | $ | 98,930 |
Customer lists |  |  | 11 |  |  |  | 589,318 |  |  |  | (404,805 | ) |  |  | 184,513 |  |  |  | 577,203 |  |  |  | (370,216 | ) |  |  | 206,987 |
Patents and technology |  |  | 14 |  |  |  | 670,099 |  |  |  | (252,658 | ) |  |  | 417,441 |  |  |  | 665,563 |  |  |  | (210,806 | ) |  |  | 454,757 |
Software |  |  | - |  |  |  | 1,046 |  |  |  | (1,046 | ) |  |  | - |  |  |  | 1,046 |  |  |  | (1,046 | ) |  |  | - |
Non-compete/other |  |  | 5 |  |  |  | 71,570 |  |  |  | (44,443 | ) |  |  | 27,127 |  |  |  | 70,585 |  |  |  | (28,866 | ) |  |  | 41,719 |
Total finite-lived intangible assets |  |  |  |  |  | $ | 1,491,704 |  |  | $ | (773,949 | ) |  | $ | 717,755 |  |  | $ | 1,472,148 |  |  | $ | (669,755 | ) |  | $ | 802,393 |
Indefinite-lived tradenames |  |  |  |  |  |  | 128,321 |  |  |  | - |  |  |  | 128,321 |  |  |  | 128,321 |  |  |  | - |  |  |  | 128,321 |
Total intangible assets |  |  |  |  |  | $ | 1,620,025 |  |  | $ | (773,949 | ) |  | $ | 846,076 |  |  | $ | 1,600,469 |  |  | $ | (669,755 | ) |  | $ | 930,714 |
Amortization expense of intangible assets was $104,194, $103,320, and $49,886 in 2023, 2022 and 2021, respectively. Excluding the impact of future acquisitions, the Company estimates amortization expense for the next five years to be as follows: 2024 - $96,595; 2025 - $91,694; 2026 - $84,833; 2027 - $58,065; 2028 - $52,354.

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