Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

Changes in the carrying amount of goodwill were as follows:


(in thousands)	Modular		Storage		Total
Balance at December 31, 2021	$	521,049	$	492,552	$	1,013,601
Effects of movements in foreign exchange rates	(2,172)		—		(2,172)
Balance at December 31, 2022	518,877		492,552		1,011,429
Additions from acquisitions	61,111		103,391		164,502
Effects of movements in foreign exchange rates	704		—		704
Balance at December 31, 2023	$	580,692	$	595,943	$	1,176,635

The Company conducted its annual impairment test of goodwill as of October 1, 2023 and determined that there was no impairment of goodwill identified. Accumulated historical goodwill impairment losses were $792.8 million and pertain to the Modular segment (as defined in Note 18) prior to Double Eagle Acquisition Corporation's acquisition of Williams Scotsman International, Inc. in 2017. There were no goodwill impairments recorded for the years ended December 31, 2023, 2022 and 2021.

Intangible Assets

Intangible assets other than goodwill at December 31, consisted of the following:


	December 31, 2023
(in thousands)	Weighted average remaining life (in years)	Gross carrying amount		Accumulated amortization		Net book value
Intangible assets subject to amortization:
Customer Relationships	4.5	$	214,408	$	(84,324)	$	130,084
Technology	2.5	1,500		(875)		625
Indefinite-lived intangible assets:
Trade name – Mobile Mini		164,000		—		164,000
Trade name – WillScot		125,000		—		125,000
Total intangible assets other than goodwill		$	504,908	$	(85,199)	$	419,709


	December 31, 2022
(in thousands)	Weighted average remaining life (in years)	Gross carrying amount		Accumulated amortization		Net book value
Intangible assets subject to amortization:
Customer Relationships	5.5	$	188,000	$	(58,750)	$	129,250
Technology	3.5	1,500		(625)		875
Indefinite-lived intangible assets:
Trade name - Mobile Mini		164,000		—		164,000
Trade name - WillScot		125,000		—		125,000
Total intangible assets other than goodwill		$	478,500	$	(59,375)	$	419,125

For the years ended December 31, 2023, 2022 and 2021, the aggregate amount recorded to depreciation and amortization expense for intangible assets subject to amortization was $25.8 million, $23.8 million and $24.3 million, respectively.

As of December 31, 2023, the expected future amortization expense for intangible assets is as follows:


(in thousands)	Amortization Expense
2024	$	29,122
2025	29,122
2026	28,997
2027	28,684
2028	14,784

Total	$	130,709