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Note 9 - Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2024

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.