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Goodwill and Intangible Assets | 9 Months Ended
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Sep. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | Goodwill and Intangible Assets, net Goodwill consisted of the following:
| As of September 30, |  | As of December 31,
(in thousands) | 2025 |  | 2024 |  | 2024
North America | $ | 131,088 |  |  | $ | 144,369 |  |  | $ | 134,148 |
Europe | 425,487 |  |  | 405,257 |  |  | 377,049 |
Asia/Pacific | 1,261 |  |  | 1,320 |  |  | 1,186 |
Total | $ | 557,836 |  |  | $ | 550,946 |  |  | $ | 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 |  | — |  |  | (2,071) |  |  | (2,071) |
Foreign exchange |  | 189 |  |  | — |  |  | 189 |
Balance as of September 30, 2024 |  | 38,787 |  |  | (6,925) |  |  | 31,862 |
Reclassifications 2 |  | 15,800 |  |  | — |  |  | 15,800 |
Amortization |  | — |  |  | (1,397) |  |  | (1,397) |
Foreign exchange |  | (1,115) |  |  | — |  |  | (1,115) |
Balance as of December 31, 2024 |  | 53,472 |  |  | (8,322) |  |  | 45,150 |
Disposals |  | (3,434) |  |  | — |  |  | (3,434) |
Amortization |  | — |  |  | (2,553) |  |  | (2,553) |
Foreign exchange |  | 5,522 |  |  | — |  |  | 5,522 |
Balance as of September 30, 2025 |  | $ | 55,560 |  |  | $ | (10,875) |  |  | $ | 44,685 |
(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 |  | — |  |  | (689) |  |  | (689) |
Foreign exchange |  | 382 |  |  | — |  |  | 382 |
Balance as of September 30, 2024 |  | 22,890 |  |  | (20,968) |  |  | 1,922 |
Amortization |  | — |  |  | (302) |  |  | (302) |
Foreign exchange |  | (431) |  |  | — |  |  | (431) |
Balance as of December 31, 2024 |  | 22,459 |  |  | (21,270) |  |  | 1,189 |
Amortization |  | — |  |  | (545) |  |  | (545) |
Foreign exchange |  | 115 |  |  | — |  |  | 115 |
Balance as of September 30, 2025 |  | $ | 22,574 |  |  | $ | (21,815) |  |  | $ | 759 |
(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 |  | 29,095 |  |  | — |  |  | 29,095 |
Amortization |  | — |  |  | (1,824) |  |  | (1,824) |
Reclassifications 1 |  | (1,673) |  |  | — |  |  | (1,673) |
Foreign exchange |  | (6) |  |  | — |  |  | (6) |
Balance as of September 30, 2024 |  | 55,563 |  |  | (17,569) |  |  | 37,994 |
Amortization |  | — |  |  | (1,148) |  |  | (1,148) |
Reclassifications 2 |  | (14,995) |  |  | — |  |  | (14,995) |
Foreign exchange |  | (1) |  |  | — |  |  | (1) |
Balance as of December 31, 2024 |  | 40,567 |  |  | (18,717) |  |  | 21,850 |
Amortization |  | — |  |  | (3,170) |  |  | (3,170) |
Reclassifications |  | (270) |  |  | — |  |  | (270) |
Foreign exchange |  | 69 |  |  | — |  |  | 69 |
Balance as of September 30, 2025 |  | $ | 40,366 |  |  | $ | (21,887) |  |  | $ | 18,479 |
(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 |  | 14,277 |  |  | — |  |  | 14,277 |
Amortization |  | — |  |  | (13,381) |  |  | (13,381) |
Reclassifications 1 |  | 1,673 |  |  | — |  |  | 1,673 |
Foreign exchange |  | 2,992 |  |  | — |  |  | 2,992 |
Balance as of September 30, 2024 |  | 288,108 |  |  | (59,780) |  |  | 228,328 |
Disposals |  | 331 |  |  | — |  |  | 331 |
Amortization |  | — |  |  | (3,981) |  |  | (3,981) |
Reclassifications 2 |  | (3,717) |  |  | — |  |  | (3,717) |
Foreign exchange |  | (19,737) |  |  | — |  |  | (19,737) |
Balance as of December 31, 2024 |  | 264,985 |  |  | (63,761) |  |  | 201,224 |
Amortization |  | — |  |  | (13,611) |  |  | (13,611) |
Reclassifications |  | 919 |  |  | — |  |  | 919 |
Foreign exchange |  | 24,768 |  |  | — |  |  | 24,768 |
Balance as of September 30, 2025 |  | $ | 290,672 |  |  | $ | (77,372) |  |  | $ | 213,300 |
Definite-lived and indefinite-lived intangible assets, net, by segment were as follows:
| As of September 30, 2025
| Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
(in thousands) |  |
North America | $ | 116,273 |  |  | $ | (44,102) |  |  | $ | 72,171 |
Europe | 404,333 |  |  | (87,203) |  |  | 317,130 |
Asia/Pacific | 4,116 |  |  | (900) |  |  | 3,216 |
Total | $ | 524,722 |  |  | $ | (132,205) |  |  | $ | 392,517 |
| As of September 30, 2024
| Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
(in thousands) |  |
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 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 $7.1 million and $6.6 million for the three months ended September 30, 2025 and 2024, respectively, and was $19.9 million and $18.0 million for the nine months ended September 30, 2025 and 2024, respectively. The weighted-average amortization period for all amortizable intangibles on a combined basis is 6.5 years. Indefinite-lived intangible assets are primarily trade names, which totaled $115.3 million, $95.7 million, and $105.7 million as of September 30, 2025, and 2024 and December 31, 2024, respectively. At September 30, 2025, the estimated future amortization of definite-lived intangible assets was as follows:
(in thousands) |
Remaining three months of 2025 | $ | 6,678 |
2026 | 25,056 |
2027 | 24,908 |
2028 | 24,759 |
2029 | 24,114 |
2030 | 23,503 |
Thereafter | 148,205 |
| $ | 277,223 |
The changes in the carrying amount of goodwill and intangible assets for the nine months ended September 30, 2025, were as follows:
(in thousands) | Goodwill |  | Intangible Assets
Balance at December 31, 2024 | $ | 512,383 |  |  | $ | 375,051 |
Disposals | (33) |  |  | (3,512) | 3
Reclassifications 4 | (3,149) |  |  | 3,149 |
Amortization | — |  |  | (19,879) |
Foreign exchange | 48,635 |  |  | 37,708 |
Balance at September 30, 2025 | $ | 557,836 |  |  | $ | 392,517 |

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