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Goodwill and Intangible Assets | 6 Months Ended
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Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | Goodwill and Intangible Assets, net Goodwill consisted of the following:
| As of June 30, |  | As of December 31,
(in thousands) | 2025 |  | 2024 |  | 2024
North America | $ | 134,289 |  |  | $ | 109,949 |  |  | $ | 134,148 |
Europe | 425,098 |  |  | 386,768 |  |  | 377,049 |
Asia/Pacific | 1,246 |  |  | 1,273 |  |  | 1,186 |
Total | $ | 560,633 |  |  | $ | 497,990 |  |  | $ | 512,383 |
Amortizable intangible assets were as follows:
(in thousands) | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
Patents |  |
Balance as of December 31, 2023 | $ | 38,598 |  |  | $ | (4,854) |  |  | $ | 33,744 |
Amortization | — |  |  | (1,379) |  |  | (1,379) |
Foreign exchange | (468) |  |  | — |  |  | (468) |
Balance as of June 30, 2024 | 38,130 |  |  | (6,233) |  |  | 31,897 |
Purchases | 15,800 |  |  | — |  |  | 15,800 |
Amortization | — |  |  | (2,089) |  |  | (2,089) |
Foreign exchange | (458) |  |  | — |  |  | (458) |
Balance as of December 31, 2024 | 53,472 |  |  | (8,322) |  |  | 45,150 |
Amortization | — |  |  | (1,340) |  |  | (1,340) |
Foreign exchange | 1,290 |  |  | — |  |  | 1,290 |
Balance as of June 30, 2025 | $ | 54,762 |  |  | $ | (9,662) |  |  | $ | 45,100 |
(in thousands) | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
Unpatented Technology |  |
Balance as of December 31, 2023 | $ | 22,508 |  |  | $ | (20,279) |  |  | $ | 2,229 |
Amortization | — |  |  | (425) |  |  | (425) |
Foreign exchange | (113) |  |  | — |  |  | (113) |
Balance as of June 30, 2024 | 22,395 |  |  | (20,704) |  |  | 1,691 |
Amortization | — |  |  | (566) |  |  | (566) |
Foreign exchange | 64 |  |  | — |  |  | 64 |
Balance as of December 31, 2024 | 22,459 |  |  | (21,270) |  |  | 1,189 |
Amortization | — |  |  | (368) |  |  | (368) |
Foreign exchange | 200 |  |  | — |  |  | 200 |
Balance as of June 30, 2025 | $ | 22,659 |  |  | $ | (21,638) |  |  | $ | 1,021 |
(in thousands) | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
Non-Compete Agreements, Trademarks and Other |  |
Balance as of December 31, 2023 | $ | 28,147 |  |  | $ | (15,745) |  |  | $ | 12,402 |
Purchases | 5,144 |  |  | — |  |  | 5,144 |
Amortization | — |  |  | (840) |  |  | (840) |
Foreign exchange | (48) |  |  | — |  |  | (48) |
Balance as of June 30, 2024 | 33,243 |  |  | (16,585) |  |  | 16,658 |
Purchases | 8,956 |  |  | — |  |  | 8,956 |
Amortization | — |  |  | (2,132) |  |  | (2,132) |
Foreign exchange | 41 |  |  | — |  |  | 41 |
Balance as of December 31, 2024 | 42,240 |  |  | (18,717) |  |  | 23,523 |
Amortization | — |  |  | (2,448) |  |  | (2,448) |
Foreign exchange | 1,400 |  |  | — |  |  | 1,400 |
Balance as of June 30, 2025 | $ | 43,640 |  |  | $ | (21,165) |  |  | $ | 22,475 |
(in thousands) | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
Customer Relationships |  |
Balance as of December 31, 2023 | $ | 269,166 |  |  | $ | (46,399) |  |  | $ | 222,767 |
Purchases | 3,104 |  |  | — |  |  | 3,104 |
Amortization | — |  |  | (8,689) |  |  | (8,689) |
Foreign exchange | (6,217) |  |  | — |  |  | (6,217) |
Balance as of June 30, 2024 | 266,053 |  |  | (55,088) |  |  | 210,965 |
Purchases | 7,456 |  |  | — |  |  | 7,456 |
Disposals | 331 |  |  | — |  |  | 331 |
Amortization | — |  |  | (8,673) |  |  | (8,673) |
Foreign exchange | (10,528) |  |  | — |  |  | (10,528) |
Balance as of December 31, 2024 | 263,312 |  |  | (63,761) |  |  | 199,551 |
Amortization | — |  |  | (9,242) |  |  | (9,242) |
Foreign exchange | 28,390 |  |  | — |  |  | 28,390 |
Balance as of June 30, 2025 | $ | 291,702 |  |  | $ | (73,003) |  |  | $ | 218,699 |
Definite-lived and indefinite-lived assets, net, by segment were as follows:
| As of June 30, 2025
| Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
(in thousands) |  |
North America | $ | 116,550 |  |  | $ | (42,218) |  |  | $ | 74,332 |
Europe | 403,820 |  |  | (82,057) |  |  | 321,763 |
Asia/Pacific | 4,079 |  |  | (813) |  |  | 3,266 |
Total | $ | 524,449 |  |  | $ | (125,088) |  |  | $ | 399,361 |
| As of June 30, 2024
| Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
(in thousands) |  |
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 December 31, 2024
| Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
(in thousands) |  |
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 |
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 $6.7 million and $5.7 million for the three months ended June 30, 2025 and 2024, respectively, and was $13.4 million and $11.3 million for the six months ended June 30, 2025 and 2024, respectively. The weighted-average amortization period for all amortizable intangibles on a combined basis is 7.0 years. Indefinite-lived intangible assets are primarily trade names, which totaled $112.1 million, $91.6 million, and $105.7 million as of June 30, 2025, and 2024 and December 31, 2024, respectively. At June 30, 2025, the estimated future amortization of definite-lived intangible assets was as follows:
(in thousands) |
Remaining six months of 2025 | $ | 13,035 |
2026 | 25,383 |
2027 | 25,636 |
2028 | 25,119 |
2029 | 24,279 |
2030 | 23,375 |
Thereafter | 150,468 |
| $ | 287,295 |
The changes in the carrying amount of goodwill and intangible assets for the six months ended June 30, 2025, were as follows:
(in thousands) | Goodwill |  | Intangible Assets
Balance at December 31, 2024 | $ | 512,383 |  |  | $ | 375,051 |
Amortization | — |  |  | (13,398) |
Foreign exchange | 48,250 |  |  | 37,708 |
Balance at June 30, 2025 | $ | 560,633 |  |  | $ | 399,361 |

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