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Goodwill and Intangible Assets | 3 Months Ended
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Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | Goodwill and Intangible Assets, net Goodwill consisted of the following:
| As of March 31, |  | As of December 31,
(in thousands) | 2023 |  | 2022 |  | 2022
North America | $ | 103,570 |  |  | $ | 96,359 |  |  | $ | 103,572 |
Europe | 395,903 |  |  | 35,864 |  |  | 390,799 |
Asia/Pacific | 1,276 |  |  | 1,428 |  |  | 1,301 |
Total | $ | 500,749 |  |  | $ | 133,651 |  |  | $ | 495,672 |
Goodwill totaled $500.7 million as of March 31, 2023, including $360.0 million attributable to the Acquisition. Intangible assets, net, consisted of the following:
| As of March 31, 2023
| Gross |  |  |  | Net
| Carrying |  | Accumulated |  | Carrying
(in thousands) | Amount |  | Amortization |  | Amount
North America | $ | 53,353 |  |  | $ | (30,744) |  |  | $ | 22,609 |
Europe | 378,158 |  |  | (38,824) |  |  | 339,334 |
Asia/Pacific | 4,179 |  |  | — |  |  | 4,179 |
Total | $ | 435,690 |  |  | $ | (69,568) |  |  | $ | 366,122 |
| As of March 31, 2022
| Gross |  |  |  | Net
(in thousands) | Carrying Amount |  | Accumulated Amortization |  | Carrying Amount
North America | $ | 46,642 |  |  | $ | (27,205) |  |  | $ | 19,437 |
Europe | 26,274 |  |  | (20,690) |  |  | 5,584 |
Total | $ | 72,916 |  |  | $ | (47,895) |  |  | $ | 25,021 |
| As of December 31, 2022
| Gross |  |  |  | Net
(in thousands) | Carrying Amount |  | Accumulated Amortization |  | Carrying Amount
North America | $ | 53,498 |  |  | $ | (29,782) |  |  | $ | 23,716 |
Europe | 373,538 |  |  | (34,337) |  |  | 339,201 |
Total | $ | 427,036 |  |  | $ | (64,119) |  |  | $ | 362,917 |
Intangible assets consist of definite-lived and indefinite-lived assets. Definite-lived intangible assets include customer relationships, patents, unpatented technology, and non-compete agreements. Amortization of definite-lived intangible assets was $5.7 million and $1.1 million for the three months ended March 31, 2023 and 2022, respectively. The weighted-average amortization period for all amortizable intangibles on a combined basis is 8.9 years. Indefinite-lived intangible assets totaled $93.0 million as of March 31, 2023, including $92.3 million attributable to trade names acquired in the Acquisition. At March 31, 2023, the estimated future amortization of definite-lived intangible assets was as follows:
(in thousands) |
Remaining nine months of 2023 | $ | 15,748 |
2024 | 20,314 |
2025 | 20,087 |
2026 | 19,618 |
2027 | 19,334 |
2028 | 19,123 |
Thereafter | 158,943 |
| $ | 273,167 |
The changes in the carrying amount of goodwill and intangible assets for the three months ended March 31, 2023, were as follows:
|  |  | Intangible
(in thousands) | Goodwill |  | Assets
Balance at December 31, 2022 | $ | 495,672 |  |  | $ | 362,917 |
Acquisition | — |  |  | 4,179 |
Reclassifications | — |  |  | (21) |
Amortization | — |  |  | (5,668) |
Foreign exchange | 5,077 |  |  | 4,715 |
Balance at March 31, 2023 | $ | 500,749 |  |  | $ | 366,122 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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