INTANGIBLE ASSETS

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

The Company had goodwill in the amount of $773,913 and $769,509 as of June 30, 2023 and December 31, 2022, respectively, subject to the provisions of ASC 350, “Intangibles-Goodwill and Other.” The increase in goodwill is primarily due to foreign currency translation adjustments and an insignificant amount of additional consideration paid related to finalization of the Bergstrom acquired working capital.

Identifiable intangible assets with finite lives at June 30, 2023 and December 31, 2022 are summarized as follows:


	Amortization Period (in years)	Gross Carrying Amount at June 30, 2023		Accumulated Amortization at June 30, 2023		Gross Carrying Amount at December 31, 2022		Accumulated Amortization at December 31, 2022
Customer relationships & lists	10-20	$	360,156	$	199,773	$	357,131	$	190,576
Trademarks & trade names	2-17	50,203		35,238		50,058		33,416
Developed technology	5-12	40,925		16,375		40,473		16,171
Other	2-18	25,446		22,360		25,041		19,245
		$	476,730	$	273,746	$	472,703	$	259,408

Amortization of identifiable intangible assets was approximately $6,892 and $14,185 for the three and six months ended June 30, 2023, respectively, and $5,850 and $11,761 for the three and six months ended June 30, 2022, respectively. Assuming no change in the gross carrying value of identifiable intangible assets, estimated amortization expense is $13,876 for the remainder of 2023, $18,965 for 2024, $15,512 for 2025, $15,343 for 2026, $14,854 for 2027 and $14,457 for 2028. At June 30, 2023 and December 31, 2022, there were no identifiable intangible assets with indefinite useful lives as defined by ASC 350. Identifiable intangible assets are reflected in “Intangible assets with finite lives, net” in the Company’s condensed consolidated balance sheets. There were no changes to the useful lives of intangible assets subject to amortization during the six months ended June 30, 2023 and 2022.