XML 31 R16.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Intangible Assets and Goodwill | 12 Months Ended
--- | ---
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Intangible Assets and Goodwill | NOTE 7. INTANGIBLE ASSETS AND GOODWILL Intangible Assets.Intangible assets include customer relationships, non-compete agreements, trade names, technology, patents, and other intangibles associated with various business and asset acquisitions. These acquired intangible assets were recorded at fair value determined as of the date of acquisition and are being amortized over the period we expect to benefit from the assets. A summary of intangible assets as of December 31, 2024 and 2023 is as follows.
|  | December 31, 2024 |
(in thousands) |  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net Carrying Amount |
Customer relationships |  | $ | 145,966 |  |  | $ | (46,693 | ) |  | $ | 99,273 |
Non-compete agreements |  |  | 500 |  |  |  | (393 | ) |  |  | 107 |
Trade names |  |  | 18,280 |  |  |  | (9,297 | ) |  |  | 8,983 |
Technology, patents and other |  |  | 26,133 |  |  |  | (26,133 | ) |  |  | — |
Total |  | $ | 190,879 |  |  | $ | (82,516 | ) |  | $ | 108,363 |
|  | December 31, 2023 |
(in thousands) |  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net Carrying Amount |
Customer relationships |  | $ | 78,166 |  |  | $ | (38,511 | ) |  | $ | 39,655 |
Non-compete agreements |  |  | 500 |  |  |  | (321 | ) |  |  | 179 |
Trade names |  |  | 10,980 |  |  |  | (9,006 | ) |  |  | 1,974 |
Technology, patents and other |  |  | 26,133 |  |  |  | (26,133 | ) |  |  | — |
Total |  | $ | 115,779 |  |  | $ | (73,971 | ) |  | $ | 41,808 |
Amortization expense on intangible assets for the years ended December 31, 2024, 2023 and 2022 was $8.5 million, $8.0 million and $6.6 million, respectively. See below for estimated future amortization expenses:
Year |  | (in thousands) |
2025 |  | $ | 14,423 |
2026 |  |  | 12,932 |
2027 |  |  | 11,363 |
2028 |  |  | 11,363 |
2029 |  |  | 10,292 |
Thereafter |  |  | 47,990 |
Goodwill. The following table presents a roll-forward of goodwill for the years ended December 31, 2024 and 2023:
(in thousands) |  | Goodwill, Gross |  |  | Accumulated Impairment |  |  | Goodwill, Net |
Balance at December 31, 2022 |  | $ | 94,436 |  |  | $ | (70,504 | ) |  | $ | 23,932 |
Additions |  |  | — |  |  |  | — |  |  |  | — |
Balance at December 31, 2023 |  | $ | 94,436 |  |  | $ | (70,504 | ) |  | $ | 23,932 |
Additions - DWS Acquisition |  |  | 36,244 |  |  |  | — |  |  |  | 36,244 |
Balance at December 31, 2024 |  | $ | 130,680 |  |  | $ | (70,504 | ) |  | $ | 60,176 |
Impairment.We analyzed definite lived intangible assets for impairment as of December 31, 2024, 2023 and 2022 in accordance with Accounting Standards Codification 360 Property, Plant, and Equipment, noting no impairment indicators were present. We analyzed goodwill for impairment as of December 31, 2024, 2023 and 2022, in accordance with Accounting Standards Codification 350 Intangibles—Goodwill and Other, noting no impairment indicators were present. For our annual goodwill impairment test as of December 31, 2024, 2023 and 2022, we performed a qualitative assessment to determine if it was more likely than not (that is, a likelihood of more than 50 percent) that the fair value of our reporting unit was less than its carrying value as of the test date. We evaluated events and circumstances since the date of our last quantitative or qualitative assessment, including macroeconomic conditions, industry and market conditions, and our overall financial performance, and it was determined that the reporting unit fair value was, more likely than not, greater than the carrying amount. Therefore, no impairment charges were recorded related to goodwill for the years ended December 31, 2024, 2023 and 2022. We will continue to evaluate our goodwill and definite lived assets for potential triggering events as conditions warrant.

X
- References No definition available. + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration