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Note 9 - Goodwill and Intangible Assets | 12 Months Ended
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Dec. 31, 2024
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, 2024 and 2023 are as follows:
|  | Domestic |  |  | International |  |  | Total |
Balance as of December 31, 2022 |  | $ | 1,016,657 |  |  | $ | 384,223 |  |  | $ | 1,400,880 |
Acquisitions of businesses, net |  |  | 1,376 |  |  |  | 5,363 |  |  |  | 6,739 |
Foreign currency translation rate changes |  |  | 495 |  |  |  | 24,270 |  |  |  | 24,765 |
Balance as of December 31, 2023 |  |  | 1,018,528 |  |  |  | 413,856 |  |  |  | 1,432,384 |
Acquisitions of businesses, net |  |  | 22,641 |  |  |  | - |  |  |  | 22,641 |
Foreign currency translation rate changes |  |  | (22 | ) |  |  | (18,742 | ) |  |  | (18,764 | )
Balance as of December 31, 2024 |  | $ | 1,041,147 |  |  | $ | 395,114 |  |  | $ | 1,436,261 |
Refer to Note 3, “Acquisitions,” to the consolidated financial statements of this Annual Report on Form 10-K for further information regarding the Company’s acquisitions. Goodwill applicable to each reportable segment as of December 31, 2024 and 2023 is as follows:
|  | Year Ended December 31, 2024 |  |  | Year Ended December 31, 2023 |
|  | Gross |  |  | Accumulated Impairment |  |  | Net |  |  | Gross |  |  | Accumulated Impairment |  |  | Net |
Domestic |  | $ | 1,544,340 |  |  | $ | (503,193 | ) |  | $ | 1,041,147 |  |  | $ | 1,521,721 |  |  | $ | (503,193 | ) |  | $ | 1,018,528 |
International |  |  | 399,725 |  |  |  | (4,611 | ) |  |  | 395,114 |  |  |  | 418,467 |  |  |  | (4,611 | ) |  |  | 413,856 |
Total |  | $ | 1,944,065 |  |  | $ | (507,804 | ) |  | $ | 1,436,261 |  |  | $ | 1,940,188 |  |  | $ | (507,804 | ) |  | $ | 1,432,384 |
The following table summarizes intangible assets by major category as of December 31, 2024 and 2023:
|  |  |  |  |  | December 31, 2024 |  |  | December 31, 2023 |
|  | Weighted Average Amortization Years |  |  | Gross |  |  | Accumulated Amortization |  |  | Net Book Value |  |  | Gross |  |  | Accumulated Amortization |  |  | Net Book Value |
Finite-lived intangible assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Tradenames |  |  | 15 |  |  | $ | 160,473 |  |  | $ | (81,083 | ) |  | $ | 79,390 |  |  | $ | 159,671 |  |  | $ | (70,997 | ) |  | $ | 88,674 |
Customer lists |  |  | 12 |  |  |  | 591,745 |  |  |  | (439,008 | ) |  |  | 152,737 |  |  |  | 589,318 |  |  |  | (404,805 | ) |  |  | 184,513 |
Patents and technology |  |  | 14 |  |  |  | 673,425 |  |  |  | (294,330 | ) |  |  | 379,095 |  |  |  | 670,099 |  |  |  | (252,658 | ) |  |  | 417,441 |
Software |  |  | - |  |  |  | 1,046 |  |  |  | (1,046 | ) |  |  | - |  |  |  | 1,046 |  |  |  | (1,046 | ) |  |  | - |
Non-compete/other |  |  | 5 |  |  |  | 76,251 |  |  |  | (56,225 | ) |  |  | 20,026 |  |  |  | 71,570 |  |  |  | (44,443 | ) |  |  | 27,127 |
Total finite-lived intangible assets |  |  |  |  |  | $ | 1,502,940 |  |  | $ | (871,692 | ) |  | $ | 631,248 |  |  | $ | 1,491,704 |  |  | $ | (773,949 | ) |  | $ | 717,755 |
Indefinite-lived tradenames |  |  |  |  |  |  | 127,274 |  |  |  | - |  |  |  | 127,274 |  |  |  | 128,321 |  |  |  | - |  |  |  | 128,321 |
Total intangible assets |  |  |  |  |  | $ | 1,630,214 |  |  | $ | (871,692 | ) |  | $ | 758,522 |  |  | $ | 1,620,025 |  |  | $ | (773,949 | ) |  | $ | 846,076 |
Amortization expense of intangible assets was $97,743, $104,194, and $103,320 in 2024, 2023 and 2022, respectively. Excluding the impact of future acquisitions or divestitures, the Company estimates amortization expense for the next five years to be as follows: 2025 - $93,975; 2026 - $87,236; 2027 - $60,387; 2028 - $53,620; 2029 - $50,234.

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