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Business Acquisitions (Tables) | 6 Months Ended
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Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
Summary of Preliminary Purchase Consideration | The following table summarizes the allocation of the preliminary purchase consideration for the acquisition of TDS Gift Cards as of June 30, 2024 (in thousands):
Assets and Liabilities |  | Valuation (1)
Cash |  | $ | 142,957 |
Accounts receivable and other current assets (2) |  | 171,440 |
Intangible assets |  | 108,924 |
Goodwill (2) |  | 80,577 |
Other assets |  | 289 |
Accounts payable and other current liabilities |  | (290,266) |
Deferred tax liability, noncurrent |  | (25,580) |
Other noncurrent liabilities |  | (861) |
Total |  | $ | 187,480 |
(1)During the three months ended June 30, 2024, we recorded a measurement period adjustment of $7.2 million primarily reducing goodwill and increasing customer relationships asset and other purchased intangibles. (2)The fair value of the assets acquired includes accounts receivable of $170.8 million, of which none is expected to be uncollectible. None of the goodwill recognized is expected to be deductible for income tax purposes.
Summary of Intangible Assets | The preliminary amounts assigned to intangible assets by type for the acquisitions during the six months ended June 30, 2024 are summarized in the table below (in thousands):
| Gross Carrying Value |  | Weighted Average Estimated Life
Customer relationships | $ | 88,695 |  |  | 10 years
Trade names and trademarks | 3,727 |  |  | 6 years
Other purchased intangibles | 22,253 |  |  | 8 years
Total gross carrying value | $ | 114,675 |  |  |

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- Definition Tabular disclosure of the characteristics, including initial carrying value, residual amount, weighted average useful life, of finite-lived intangible assets acquired during the period by major class. A major class is composed of intangible assets that can be grouped together because they are similar, either by nature or by their use in the operations of the company. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482665/350-30-50-1 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482665/350-30-50-1 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479907/805-20-50-1 + Details
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