XML 25 R16.htm IDEA: XBRL DOCUMENT
v3.23.2

Goodwill and Intangible Assets | 6 Months Ended
--- | ---
Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | Goodwill and Intangible Assets, net Goodwill consisted of the following:
| As of June 30, |  | As of December 31,
(in thousands) | 2023 |  | 2022 |  | 2022
North America | $ | 103,630 |  |  | $ | 96,264 |  |  | $ | 103,572 |
Europe | 390,172 |  |  | 394,761 |  |  | 390,799 |
Asia/Pacific | 1,263 |  |  | 1,313 |  |  | 1,301 |
Total | $ | 495,065 |  |  | $ | 492,338 |  |  | $ | 495,672 |
Intangible assets, net, consisted of the following:
| As of June 30, 2023
| Gross |  |  |  | Net
| Carrying |  | Accumulated |  | Carrying
(in thousands) | Amount |  | Amortization |  | Amount
North America | $ | 63,269 |  |  | $ | (31,765) |  |  | $ | 31,504 |
Europe | 377,866 |  |  | (43,748) |  |  | 334,118 |
Asia/Pacific | 4,224 |  |  | (197) |  |  | 4,027 |
Total | $ | 445,359 |  |  | $ | (75,710) |  |  | $ | 369,649 |
| As of June 30, 2022
| Gross |  |  |  | Net
(in thousands) | Carrying Amount |  | Accumulated Amortization |  | Carrying Amount
North America | $ | 46,642 |  |  | $ | (28,063) |  |  | $ | 18,579 |
Europe | 364,241 |  |  | (25,122) |  |  | 339,119 |
Total | $ | 410,883 |  |  | $ | (53,185) |  |  | $ | 357,698 |
| 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 $6.0 million and $5.3 million for the three months ended June 30, 2023 and 2022, respectively, and was $11.6 million and $6.4 million for the six months ended June 30, 2023 and 2022, respectively. The weighted-average amortization period for all amortizable intangibles on a combined basis is 8.8 years. Indefinite-lived intangible assets totaled $92.8 million, $88.9 million, and $91.7 million as of June 30, 2023, and 2022 and December 31, 2022, respectively. At June 30, 2023, the estimated future amortization of definite-lived intangible assets was as follows:
(in thousands) |
Remaining six months of 2023 | $ | 11,225 |
2024 | 22,294 |
2025 | 22,069 |
2026 | 21,492 |
2027 | 21,298 |
2028 | 21,077 |
Thereafter | 157,380 |
| $ | 276,835 |
The changes in the carrying amount of goodwill and intangible assets for the six months ended June 30, 2023, were as follows:
|  |  | Intangible
(in thousands) | Goodwill |  | Assets
Balance at December 31, 2022 | $ | 495,672 |  |  | $ | 362,917 |
Acquisition | — |  |  | 13,996 |
Disposal | (5,678) |  |  | — |
Reclassifications | — |  |  | 46 |
Amortization | — |  |  | (11,638) |
Foreign exchange | 5,071 |  |  | 4,328 |
Balance at June 30, 2023 | $ | 495,065 |  |  | $ | 369,649 |

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://fasb.org/us-gaap/role/ref/legacyRef -Topic 350 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//350/tableOfContent + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration