
(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

The Company tests goodwill for impairment at the reporting unit level on an annual basis (in the fourth quarter). The goodwill balance is not amortized to expense, and the Company may assess qualitative or quantitative factors to determine whether it is more likely than not that the fair value of each reporting unit is less than its carrying amount as a basis for determining whether it is necessary to complete quantitative impairment assessments.

During fiscal year 2023, we re-evaluated our European reporting units after a full year of operations from our acquisition of ETANCO as it has become further integrated into our other European operations resulting in changes to the management, product distribution, and operations structure of our European operations. As a result of this re-evaluation, all European reporting units were consolidated for reporting purposes into one overall Europe reporting unit. A qualitative assessment was performed immediately preceding the reporting unit change and determined that it was not more likely than not that any impairment existed prior to the reporting unit change. For the Company’s remaining reporting units, the reporting unit level is generally one level below the operating segment, which is at the country level, except for the United States and Australia.

The Company determined that the U.S. reporting unit includes four components: Northwest United States, Southwest United States, Northeast United States and Southeast United States. The Australia reporting unit includes two components: Australia and New Zealand. For each of these reporting units, the Company aggregated the components because management concluded that they are economically similar, and that the goodwill is recoverable from these components working in concert.

In 2024, the Company applied the ("Step 0") approach to assess qualitative factors related to the goodwill of the reporting units to determine whether it is necessary to perform an impairment test. For this qualitative assessment, the Company assessed various assumptions, events and circumstances that would have affected the estimated fair value of the reporting units. Based on the qualitative assessment performed, the Company concluded that there was no evidence of events or circumstances that would indicate a material change from the Company’s prior year quantitative assessment by reporting unit and therefore, it was more likely than not that the estimated fair value of reporting units exceeded their respective carrying values.

In 2023, the Company applied the ("Step 1") approach where the Company compares the fair value of the reporting unit to its carrying value. The fair value calculation uses both the income approach (discounted cash flow method) and the market approach, equally weighted. If the Company determines that the carrying value of the net assets assigned to the reporting unit, including goodwill, exceeds the fair value of the reporting unit, no further action is taken. If the Company determines that the carrying value of a reporting unit’s goodwill exceeds its implied fair value, the Company will record an impairment charge equal to the difference between the implied fair value of the goodwill and the carrying value.

The 2024 and 2023 annual testing of goodwill for impairment did not result in impairment charges. "See Item 7 - Critical Accounting Policies and Estimates - Goodwill and Other Intangible Assets".

Intangible assets from acquired businesses or asset purchases are recognized at their estimated fair values on the date of acquisition and consist of patents, unpatented technology, non-compete agreements, trademarks, customer relationships and other intangible assets. Finite-lived intangibles are amortized to expense over the applicable useful lives, ranging from three to twenty-one years, based on the nature of the asset and the underlying pattern of economic benefit as reflected by future net cash inflows. The Company performs an impairment test of finite-lived intangibles whenever events or changes in circumstances indicate their carrying value may be impaired.

The total gross carrying amount and accumulated amortization of definite-lived intangible assets as of December 31, 2024, was $487.4 million and $112.3 million, respectively. The aggregate amount of amortization expense of intangible assets for the years ended December 31, 2024, 2023 and 2022 was $24.8 million, $23.5 million and $17.4 million, respectively. The weighted-average remaining amortization period for all amortizable intangibles on a combined basis is 9.6 years as of December 31, 2024.

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

Indefinite-lived intangible assets totaled $105.7 million as of December 31, 2024, including $93.2 million, net of an unfavorable foreign exchange impact of $0.7 million, attributable to trade names acquired in the ETANCO acquisition.


	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