XML 25 R13.htm IDEA: XBRL DOCUMENT
v3.24.2

GOODWILL AND INTANGIBLE ASSETS | 6 Months Ended
--- | ---
Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND INTANGIBLE ASSETS | GOODWILL AND INTANGIBLE ASSETS The activity in goodwill by segment for the six months ended June 30, 2024 was as follows:
|  | December 31, 2023 |  |  |  |  |  | Currency Translation |  | June 30, 2024
|  | (In thousands)
U.S. |  | $ | 41,936 |  |  |  |  |  |  | $ | — |  |  | $ | 41,936 |
Europe |  | 1,116,521 |  |  |  |  |  |  | (10,610) |  |  | 1,105,911 |
Mexico |  | 127,804 |  |  |  |  |  |  | (17,366) |  |  | 110,438 |
Total |  | $ | 1,286,261 |  |  |  |  |  |  | $ | (27,976) |  |  | $ | 1,258,285 |
Intangible assets consisted of the following:
|  | December 31, 2023 |  |  |  | Amortization |  | Currency Translation |  | June 30, 2024
|  | (In thousands)
Cost: |  |  |  |  |  |  |  |  |  |
Trade names not subject to amortization |  | $ | 580,473 |  |  |  |  | $ | — |  |  | $ | (6,413) |  |  | $ | 574,060 |
Trade names subject to amortization |  | 112,681 |  |  |  |  | — |  |  | (367) |  |  | 112,314 |
Customer relationships |  | 441,719 |  |  |  |  | — |  |  | (5,805) |  |  | 435,914 |
Accumulated amortization: |  |  |  |  |  |  |  |  |  |
Trade names |  | (57,762) |  |  |  |  | (1,938) |  |  | 52 |  |  | (59,648) |
Customer relationships |  | (223,128) |  |  |  |  | (14,192) |  |  | 3,582 |  |  | (233,738) |
Intangible assets, net |  | $ | 853,983 |  |  |  |  | $ | (16,130) |  |  | $ | (8,951) |  |  | $ | 828,902 |
Intangible assets are amortized over the estimated useful lives of the assets as follows:
Customer relationships | 3-18 years
Trade names subject to amortization | 15-20 years
At June 30, 2024, the Company assessed if events or changes in circumstances indicated that any asset group-level carrying amounts of its goodwill and intangible assets might not be recoverable. There were no indicators present that required the Company to test the recoverability of the asset group-level carrying amounts of its goodwill or intangible assets at that date. The Company will perform its annual tests of recoverability of goodwill and trade names not subject to amortization in the fourth quarter of 2024, which if there were to be an impairment could be material.

X
- References No definition available. + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration