Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

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