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Goodwill and Intangible Assets (Tables) | 12 Months Ended
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Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Schedule of changes in the carrying amount of goodwill, by segment | The annual changes in the carrying amount of goodwill, by segment, as of December 31, 2024 and 2023, were as follows, respectively:
(in thousands) | North America |  | Europe |  | Asia Pacific |  | Total
Balance as of January 1, 2023 | $ | 103,572 |  |  | $ | 390,799 |  |  | $ | 1,301 |  |  | $ | 495,672 |
Goodwill acquired | (2,077) | 1 |  | 1,497 |  |  | — |  |  | (580) |
Goodwill disposed | — |  |  | (5,678) | 2 |  | — |  |  | (5,678) |
Foreign exchange | 63 |  |  | 13,075 |  |  | (2) |  |  | 13,136 |
Balance as of December 31, 2023 | 101,558 |  |  | 399,693 |  |  | 1,299 |  |  | 502,550 |
Goodwill acquired | 32,820 |  |  | — |  |  | — |  |  | 32,820 |
Foreign exchange | (230) |  |  | (22,644) |  |  | (113) |  |  | (22,987) |
Balance as of December 31, 2024 | $ | 134,148 |  |  | $ | 377,049 |  |  | $ | 1,186 |  |  | $ | 512,383 |
Schedule of changes in the carrying amounts of finite-lived intangible assets subject to amortization | The annual changes in the carrying amounts of patents, unpatented technologies, customer relationships and non-compete agreements and other intangible assets subject to amortization for the years ended December 31, 2024 and 2023 were as follows:
(in thousands) | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
Patents |  |
Balance as of January 1, 2023 | $ | 24,172 |  |  | $ | (2,803) |  |  | $ | 21,369 |
Purchases | 13,996 |  |  | — |  |  | 13,996 |
Amortization | — |  |  | (2,051) |  |  | (2,051) |
Foreign exchange | 430 |  |  | — |  |  | 430 |
Balance as of December 31, 2023 | 38,598 |  |  | (4,854) |  |  | 33,744 |
Purchases | 15,800 |  |  | — |  |  | 15,800 |
Amortization | — |  |  | (3,468) |  |  | (3,468) |
Foreign exchange | (926) |  |  | — |  |  | (926) |
Balance as of December 31, 2024 | $ | 53,472 |  |  | $ | (8,322) |  |  | $ | 45,150 |
(in thousands) | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
Unpatented Technology |  |
Balance as of January 1, 2023 | $ | 22,410 |  |  | $ | (19,459) |  |  | $ | 2,951 |
Amortization | — |  |  | (820) |  |  | (820) |
Foreign exchange | 98 |  |  | — |  |  | 98 |
Balance as of December 31, 2023 | 22,508 |  |  | (20,279) |  |  | 2,229 |
Amortization | — |  |  | (991) |  |  | (991) |
Foreign exchange | (49) |  |  | — |  |  | (49) |
Balance as of December 31, 2024 | $ | 22,459 |  |  | $ | (21,270) |  |  | $ | 1,189 |
(in thousands) | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
Non-Compete Agreements, Trademarks and Other |  |
Balance as of January 1, 2023 | $ | 28,301 |  |  | $ | (12,932) |  |  | $ | 15,369 |
Assets acquisitions, net of cash acquired | (380) | 3 |  | — |  |  | (380) |
Amortization | — |  |  | (2,813) |  |  | (2,813) |
Foreign exchange | 226 |  |  | — |  |  | 226 |
Balance as of December 31, 2023 | 28,147 |  |  | (15,745) |  |  | 12,402 |
Purchases of intangible assets | 14,100 |  |  | — |  |  | 14,100 |
Amortization | — |  |  | (2,972) |  |  | (2,972) |
Foreign exchange | (7) |  |  | — |  |  | (7) |
Balance as of December 31, 2024 | $ | 42,240 |  |  | $ | (18,717) |  |  | $ | 23,523 |
(in thousands) | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
Customer Relationships |  |
Balance as of January 1, 2023 | $ | 260,459 |  |  | $ | (28,970) |  |  | $ | 231,489 |
Purchases | 1,300 |  |  | — |  |  | 1,300 |
Amortization | — |  |  | (17,429) |  |  | (17,429) |
Foreign exchange | 7,407 |  |  | — |  |  | 7,407 |
Balance as of December 31, 2023 | 269,166 |  |  | (46,399) |  |  | 222,767 |
Purchases | 10,560 |  |  | — |  |  | 10,560 |
Disposal | 331 |  |  | — |  |  | 331 |
Amortization | — |  |  | (17,362) |  |  | (17,362) |
Foreign exchange | (16,745) |  |  | — |  |  | (16,745) |
Balance as of December 31, 2024 | $ | 263,312 |  |  | $ | (63,761) |  |  | $ | 199,551 |
Schedule of estimated future amortization of intangible assets | As of December 31, 2024, estimated future amortization of intangible assets was as follows: (in thousands)
2025 | $ | 26,649 |
2026 | 26,053 |
2027 | 25,863 |
2028 | 25,719 |
2029 | 25,367 |
Thereafter | 139,762 |
Total | $ | 269,413 |
Schedule of finite-lived intangible assets | Definite-lived and indefinite-lived assets, net, by segment as of December 31, 2024, and 2023 were as follows:
| As of December 31, 2023
| Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
(in thousands) |  |
Total Intangible Assets |  |
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 |
| As of December 31, 2024
| Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
(in thousands) |  |
Total Intangible Assets |  |
North America | $ | 116,550 |  |  | $ | (39,061) |  |  | $ | 77,489 |
Europe | 366,586 |  |  | (72,621) |  |  | 293,965 |
Asia/Pacific | 4,240 |  |  | (643) |  |  | 3,597 |
Total | $ | 487,376 |  |  | $ | (112,325) |  |  | $ | 375,051 |

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