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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

Goodwill and intangible assets on our consolidated balance sheets consisted of the following:

			December 31,
			2024						2023
			(In thousands)
Goodwill			$	301,790					$	301,790
Intangible assets, net			96,151						118,687
Goodwill and intangible assets			$	397,941					$	420,477

Goodwill

There were no changes in the composition of goodwill from the previous year either on a consolidated basis or within our reportable segments. We completed our annual goodwill impairment test as of November 30, 2024. Based on the results of the annual goodwill impairment test, we determined that each of the fair values of our reporting units exceeded their carrying values and therefore, no impairment was recorded.

Note 9—Goodwill and Intangible Assets (continued)

Intangible Assets

The gross carrying amounts and accumulated amortization related to intangibles assets were as follows:

			December 31, 2024																		December 31, 2023
			Gross Carrying Value						Accumulated Amortization						Net Book Value						Gross Carrying Value						Accumulated Amortization						Net Book Value						Weighted Average Useful Lives
			(In thousands)																		(In thousands)																		(Years)
Customer relationships			$	250,800					$	(173,887)					$	76,913					$	309,773					$	(214,416)					$	95,357					14.0
Trade names			43,386						(30,356)						13,030						44,086						(28,524)						15,562						14.7
Patents			3,000						(2,727)						273						3,000						(2,455)						545						11.0
Software licenses			17,842						(11,964)						5,878						15,835						(8,697)						7,138						4.1
Other			926						(869)						57						5,964						(5,879)						85						9.6
Total intangible assets			$	315,954					$	(219,803)					$	96,151					$	378,658					$	(259,971)					$	118,687

Amortization expense on finite-lived intangibles, a component of other general and administrative expenses, was $21.3 million, $24.3 million, and $23.5 million for the years ended December 31, 2024, 2023, and 2022, respectively. None of our intangible assets were impaired as of December 31, 2024 or 2023.

The following table shows our estimated amortization expense for intangible assets for each of the next five succeeding years and thereafter:

			December 31,
			(In thousands)
2025			$	24,279
2026			22,764
2027			18,513
2028			16,767
2029			13,828
Total			$	96,151

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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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