Goodwill, Trade Names, Customer Lists and Other Intangible Assets

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill, Trade Names, Customer Lists and Other Intangible Assets

Note 5. Goodwill, Trade Names, Customer Lists and Other Intangible Assets

The changes in the carrying amount of goodwill for the six months ended June 30, 2024 by reportable segment were as follows (in thousands):


	Americas			International			Total
Balance – December 31, 2023	$	703,797		$	116,857		$	820,654
Adjustments to initial purchase price allocations		(368	)		—			(368	)
Foreign currency translation		(55	)		(1,095	)		(1,150	)
Balance – June 30, 2024	$	703,374		$	115,762		$	819,136

The following summarizes the gross carrying value and accumulated amortization for the Company’s trade names, customer lists, and other intangible assets as of June 30, 2024 and December 31, 2023 (in thousands):


	June 30, 2024
	Gross Carrying Value		Accumulated Amortization			Net Carrying Value		Useful Life (in years)
Trade names	$	96,182	$	(33,611	)	$	62,571	20 years
Customer lists		519,343		(268,946	)		250,397	13-14 years
Other intangible assets		2,400		(382	)		2,018	5 years
Total	$	617,925	$	(302,939	)	$	314,986


	December 31, 2023
	Gross Carrying Value		Accumulated Amortization			Net Carrying Value		Useful Life (in years)
Trade names	$	96,321	$	(30,092	)	$	66,229	20 years
Customer lists		520,105		(244,577	)		275,528	13-14 years
Other intangible assets		2,400		(143	)		2,257	5 years
Total	$	618,826	$	(274,812	)	$	344,014

Amortization expense of trade names, customer lists, and other intangible assets was approximately $14.3 million and $15.4 million for the three months ended June 30, 2024 and 2023, respectively. Amortization expense of trade names, customer lists, and other intangible assets was approximately $28.5 million and $30.8 million for the six months ended June 30, 2024 and 2023, respectively. Trade names and customer lists are amortized on an accelerated basis based upon their estimated useful life. Other intangible assets are amortized on a straight-line or accelerated basis over their expected useful life of five years.