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Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill and Intangible Assets

For purposes of performing our goodwill impairment analysis, we have identified our reporting units as North America, Latin America, EMEA and APAC.

The changes in the carrying amount of goodwill were as follows:

			Goodwill						Accumulated Impairment Losses						Total
Balance as of December 31, 2024			$	218.1					$	(32.5)					$	185.6
Additions			9.4						—						9.4
Foreign currency fluctuations			(12.0)						0.8						(11.2)
Balance as of December 31, 2023			$	220.7					$	(33.3)					$	187.4
Foreign currency fluctuations			1.9						3.5						5.4
Balance as of December 31, 2022			$	218.8					$	(36.8)					$	182.0

There has been no impairment of goodwill for any of the years presented.

The additions recorded to goodwill during 2024 were related to the acquisition of TCS, as described further in Note 5.

The balances of acquired intangible assets, excluding goodwill, were as follows:

			Customer Lists						Trade Names						Technology						Total
Balance as of December 31, 2024
Original cost			$	154.6					$	27.6					$	15.2					$	197.4
Accumulated amortization			(104.9)						(20.8)						(13.0)						(138.7)
Carrying amount			$	49.7					$	6.8					$	2.2					$	58.7
Weighted-average original life (in years)			15						11						11
Balance as of December 31, 2023
Original cost			$	150.6					$	29.3					$	16.3					$	196.2
Accumulated amortization			(100.8)						(19.2)						(13.1)						(133.1)
Carrying amount			$	49.8					$	10.1					$	3.2					$	63.1
Weighted-average original life (in years)			15						11						11

As part of our acquisition of TCS, we acquired customer lists and backlog with a combined fair value of $13.8 million. Further details regarding the purchase price allocation of TCS are described further in Note 5.

Amortization expense of intangible assets was $15.0 million, $14.7 million and $15.9 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Estimated aggregate amortization expense based on the current carrying amount of amortizable intangible assets for each of the five succeeding years is as follows:

2025			$	12.6
2026			11.4
2027			8.2
2028			6.6
2029			6.0
Thereafter			13.9
Total			$	58.7

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- References

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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

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