Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets, net

Goodwill by segment were as follows:


	As of September 30,				As of December 31,
(in thousands)	2024		2023		2023
North America	$	144,369	$	101,487	$	101,558
Europe	405,257		380,699		399,693
Asia/Pacific	1,320		1,227		1,299
Total	$	550,946	$	483,413	$	502,550

Definite-lived and indefinite-lived assets, net, by segment were as follows:


	As of September 30, 2024
	Gross				Net
	Carrying		Accumulated		Carrying
(in thousands)	Amount		Amortization		Amount
North America	$	107,561	$	(37,131)	$	70,430
Europe	389,148		(67,801)		321,347
Asia/Pacific	4,296		(556)		3,740
Total	$	501,005	$	(105,488)	$	395,517


	As of September 30, 2023
	Gross				Net
(in thousands)	Carrying Amount		Accumulated Amortization		Carrying 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 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 $6.6 million and $5.9 million for the three months ended September 30, 2024 and 2023, respectively, and was $18.0 million and $17.5 million for the nine months ended September 30, 2024 and 2023, respectively. The weighted-average amortization period for all amortizable intangibles on a combined basis is 9.5 years.

Indefinite-lived intangible assets totaled $95.7 million, $90.4 million, and $94.2 million as of September 30, 2024, and 2023 and December 31, 2023, respectively.

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


(in thousands)

Remaining three months of 2024	$	7,513
2025	29,204
2026	28,552
2027	28,369
2028	28,619

Thereafter	177,498
	$	299,755

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


			Intangible
(in thousands)	Goodwill		Assets
Balance at December 31, 2023	$	502,550	$	365,339
Acquisitions1	42,870		43,372


Amortization	—		(17,965)
Foreign exchange	5,526		4,771

Balance at September 30, 2024	$	550,946	$	395,517