Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets, net

Goodwill consisted of the following:


	As of September 30,				As of December 31,
(in thousands)	2023		2022		2022
North America	$	101,487	$	96,087	$	103,572
Europe	380,699		370,669		390,799
Asia/Pacific	1,227		1,234		1,301
Total	$	483,413	$	467,990	$	495,672

Intangible assets, net, consisted of the following:


	As of September 30, 2023
	Gross				Net
	Carrying		Accumulated		Carrying
(in thousands)	Amount		Amortization		Amount
North America	$	64,189	$	(32,876)	$	31,313
Europe	369,827		(48,510)		321,317
Asia/Pacific	4,025		(205)		3,820
Total	$	438,041	$	(81,591)	$	356,450


	As of September 30, 2022
	Gross				Net
(in thousands)	Carrying Amount		Accumulated Amortization		Carrying Amount
North America	$	46,717	$	(28,922)	$	17,795
Europe	342,407		(29,669)		312,738
Total	$	389,124	$	(58,591)	$	330,533


	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 $5.9 million and $5.4 million for the three months ended September 30, 2023 and 2022, respectively, and was $17.5 million and $11.8 million for the nine months ended September 30, 2023 and 2022, respectively. The weighted-average amortization period for all amortizable intangibles on a combined basis is 8.7 years.

Indefinite-lived intangible assets totaled $90.4 million, $83.4 million, and $91.7 million as of September 30, 2023, and 2022 and December 31, 2022, respectively.

At September 30, 2023, the estimated future amortization of definite-lived intangible assets was as follows:


(in thousands)

Remaining three months of 2023	$	5,699
2024	22,303
2025	22,086
2026	21,967
2027	21,774
2028	21,515
Thereafter	150,674
	$	266,018

The changes in the carrying amount of goodwill and intangible assets for the nine months ended September 30, 2023, were as follows:


			Intangible
(in thousands)	Goodwill		Assets
Balance at December 31, 2022	$	495,672	$	362,917
Acquisition1	(2,077)		14,916
Disposal	(5,678)		—

Amortization	—		(17,517)
Foreign exchange	(4,504)		(3,866)

Balance at September 30, 2023	$	483,413	$	356,450