Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2024

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)	2024		2023		2023
North America	$	101,496	$	103,570	$	101,558
Europe	390,026		395,903		399,693
Asia/Pacific	1,245		1,276		1,299
Total	$	492,767	$	500,749	$	502,550

Intangible assets, net, consisted of the following:


	As of March 31, 2024
	Gross				Net
	Carrying		Accumulated		Carrying
(in thousands)	Amount		Amortization		Amount
North America	$	64,189	$	(34,505)	$	29,684
Europe	377,408		(58,263)		319,145
Asia/Pacific	4,077		(379)		3,698
Total	$	445,674	$	(93,147)	$	352,527


	As of March 31, 2023
	Gross				Net
(in thousands)	Carrying Amount		Accumulated Amortization		Carrying 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 December 31, 2023
	Gross				Net
(in thousands)	Carrying Amount		Accumulated Amortization		Carrying Amount
North America	$	64,190	$	(33,740)	$	30,450
Europe	384,432		(53,493)		330,939
Asia/Pacific	4,240		(290)		3,950
Total	$	452,862	$	(87,523)	$	365,339

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 $5.6 million and $5.7 million for the three months ended March 31, 2024 and 2023, respectively. The weighted-average amortization period for all amortizable intangibles on a combined basis is 10.6 years.

Indefinite-lived intangible assets totaled $92.4 million, $93.0 million, and $91.7 million as of March 31, 2024, and 2023 and December 31, 2023, respectively.

At March 31, 2024, the estimated future amortization of definite-lived intangible assets was as follows:


(in thousands)

Remaining nine months of 2024	$	21,568
2025	22,097
2026	21,428
2027	21,292
2028	20,982
2029	21,015
Thereafter	131,721
	$	260,103

The changes in the carrying amount of goodwill and intangible assets for the three months ended March 31, 2024, were as follows:


			Intangible
(in thousands)	Goodwill		Assets
Balance at December 31, 2023	$	502,550	$	365,339



Amortization	—		(5,624)
Foreign exchange	(9,783)		(7,188)

Balance at March 31, 2024	$	492,767	$	352,527