Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2025

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)	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