Goodwill and Other Intangible Assets, Net

3 Months Ended

Mar. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets, Net

NOTE 10. GOODWILL AND OTHER INTANGIBLE ASSETS, NET

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


(in thousands)
Balance at December 31, 2024	$	103,321
Foreign currency translation adjustments		148
Balance at March 31, 2025	$	103,469

Goodwill is tested for impairment at the reporting unit level on an annual basis as of October 31, and between annual tests if an event occurs or circumstances change that would more-likely-than-not reduce the fair value of a reporting unit below its carrying value. We use a discounted expected future cash flow methodology (income approach) to estimate the fair value of our reporting units for purposes of goodwill impairment testing. We do not believe there have been any significant changes to the outlook for the future years or to the risk profile of our reporting units that would indicate that goodwill impairment testing should have been performed as of March 31, 2025.

Other intangible assets consisted of the following:


		March 31, 2025							December 31, 2024
(in thousands)	Remaining Useful Life (Years)	Gross Carrying Value		Accumulated Amortization			Net Carrying Value		Gross Carrying Value		Accumulated Amortization			Net Carrying Value
Intangible assets subject to amortization:
Customer contracts and relationships	9.2	$	5,474	$	(2,556	)	$	2,918	$	5,475	$	(2,453	)	$	3,022
Operating contracts and licenses	25.9		54,148		(5,955	)		48,193		52,697		(5,505	)		47,192
In-place lease	31.5		13,584		(2,164	)		11,420		13,588		(2,069	)		11,519
Tradenames	3.6		4,990		(3,078	)		1,912		4,992		(2,920	)		2,072
Other	0.7		10		(9	)		1		10		(9	)		1
Total amortized intangible assets			78,206		(13,762	)		64,444		76,762		(12,956	)		63,806
Indefinite-lived intangible assets:
Business licenses			560		—			560		560		—			560
Other intangible assets, net		$	78,766	$	(13,762	)	$	65,004	$	77,322	$	(12,956	)	$	64,366

Intangible asset amortization expense (excluding amortization expense of ROU assets) was $0.7 million during the three months ended March 31, 2025 and $0.6 million during the three months ended March 31, 2024.

At March 31, 2025, the estimated future amortization expense related to intangible assets subject to amortization is as follows:


(in thousands)
Year ending December 31,
Remainder of 2025	$	2,333
2026		2,987
2027		2,613
2028		2,592
2029		2,481
Thereafter		51,438
Total	$	64,444