Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets, net

Goodwill consisted of the following:


	As of June 30,				As of December 31,
(in thousands)	2024		2023		2023
North America	$	109,949	$	103,630	$	101,558
Europe	386,768		390,172		399,693
Asia/Pacific	1,273		1,263		1,299
Total	$	497,990	$	495,065	$	502,550

Intangible assets, net, consisted of the following:


	As of June 30, 2024
	Gross				Net
	Carrying		Accumulated		Carrying
(in thousands)	Amount		Amortization		Amount
North America	$	72,438	$	(35,390)	$	37,048
Europe	374,748		(62,990)		311,758
Asia/Pacific	4,157		(467)		3,690
Total	$	451,343	$	(98,847)	$	352,496


	As of June 30, 2023
	Gross				Net
(in thousands)	Carrying Amount		Accumulated Amortization		Carrying 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 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 $5.7 million and $6.0 million for the three months ended June 30, 2024 and 2023, respectively, and was $11.3 million and $11.6 million for the six months ended June 30, 2024 and 2023, respectively. The weighted-average amortization period for all amortizable intangibles on a combined basis is 10.2 years.

Indefinite-lived intangible assets totaled $91.6 million, $92.8 million, and $94.2 million as of June 30, 2024, and 2023 and December 31, 2023, respectively.

At June 30, 2024, the estimated future amortization of definite-lived intangible assets was as follows:


(in thousands)

Remaining six months of 2024	$	21,294
2025	23,321
2026	22,678
2027	22,603
2028	22,335
2029	21,738
Thereafter	126,924
	$	260,893

The changes in the carrying amount of goodwill and intangible assets for the six months ended June 30, 2024, were as follows:


			Intangible
(in thousands)	Goodwill		Assets
Balance at December 31, 2023	$	502,550	$	365,339
Acquisition1	8,484		8,249


Amortization	—		(11,323)
Foreign exchange	(13,044)		(9,769)

Balance at June 30, 2024	$	497,990	$	352,496