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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 Goodwill Changes in the carrying amount of goodwill were as follows:
(in thousands) |
Balance at December 31, 2023 | $ | 1,176,635 |
Additions from acquisitions | 26,948 |
Effects of movements in foreign exchange rates | (2,230) |
Balance at December 31, 2024 | 1,201,353 |
Additions from acquisitions | 54,478 |
Effects of movements in foreign exchange rates | 1,433 |
Balance at June 30, 2025 | $ | 1,257,264 |
Intangible Assets Intangible assets other than goodwill at the respective balance sheet dates consisted of the following:
| June 30, 2025
(in thousands) | Weighted average remaining life (in years) |  | Gross carrying amount |  | Accumulated impairment loss |  | Accumulated amortization |  | Net book value
Intangible assets subject to amortization: |  |  |  |  |  |  |  |  |
Customer relationships | 3.5 |  | $ | 234,108 |  |  | $ | — |  |  | $ | (128,798) |  |  | $ | 105,310 |
Technology | 1.0 |  | 1,500 |  |  | — |  |  | (1,250) |  |  | 250 |
Trade names | 2.3 |  | 165,500 |  |  | (132,540) |  |  | (16,726) |  |  | 16,234 |
Indefinite-lived intangible assets: |  |  |  |  |  |  |  |  |
Trade name – WillScot |  |  | 125,000 |  |  | — |  |  | — |  |  | 125,000 |
Total intangible assets other than goodwill |  |  | $ | 526,108 |  |  | $ | (132,540) |  |  | $ | (146,774) |  |  | $ | 246,794 |
| December 31, 2024
(in thousands) | Weighted average remaining life (in years) |  | Gross carrying amount |  | Accumulated impairment loss |  | Accumulated amortization |  | Net book value
Intangible assets subject to amortization: |  |  |  |  |  |  |  |  |
Customer relationships | 3.5 |  | $ | 215,408 |  |  | $ | — |  |  | $ | (113,415) |  |  | $ | 101,993 |
Technology | 1.5 |  | 1,500 |  |  | — |  |  | (1,125) |  |  | 375 |
Trade names | 2.7 |  | 165,500 |  |  | (132,540) |  |  | (9,164) |  |  | 23,796 |
Indefinite-lived intangible assets: |  |  |  |  |  |  |  |  |
Trade name – WillScot |  |  | 125,000 |  |  | — |  |  | — |  |  | 125,000 |
Total intangible assets other than goodwill |  |  | $ | 507,408 |  |  | $ | (132,540) |  |  | $ | (123,704) |  |  | $ | 251,164 |
Amortization expense related to intangible assets was $11.8 million and $7.3 million for the three months ended June 30, 2025 and 2024, respectively, and $23.1 million and $14.7 million for the six months ended June 30, 2025 and 2024, respectively. As of June 30, 2025, the expected future amortization expense for intangible assets was as follows for the years ended December 31:
(in thousands) |
2025 (remaining) | $ | 22,704 |
2026 | 40,210 |
2027 | 33,581 |
2028 | 18,037 |
2029 | 3,367 |
Thereafter | 3,895 |
Total | $ | 121,794 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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