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Goodwill and Intangible Assets (Tables) | 9 Months Ended
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Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Changes in Carrying Amounts of Goodwill | The changes in carrying amounts of goodwill for the nine months ended September 30, 2024 are as follows (in thousands):
| Amount
Balance as of January 1, 2024 | $ | 348,822 |
Foreign exchange translation | 632 |
Balance as of September 30, 2024 | $ | 349,454 |
As of September 30, 2024 the Company’s goodwill had no accumulated impairment.
Intangible Assets with Indefinite Lives | Intangible assets are summarized as of September 30, 2024 and December 31, 2023 as follows (in thousands):
| September 30, 2024 |  | December 31, 2023 |  |
Trade names | $ | 27,375 |  |  | $ | 27,367 |  |  |
Other | 4,045 |  |  | 4,045 |  |  |
Total | $ | 31,420 |  |  | $ | 31,412 |  |  |
Intangible Assets Subject to Amortization | As of September 30, 2024, intangible assets subject to amortization are summarized as follows (in thousands):
| Weighted-Average Remaining Amortization Period |  | Historical Cost |  | Accumulated Amortization |  | Net
Trade names | 0.3 years |  | $ | 8,215 |  |  | $ | 7,901 |  |  | $ | 314 |
Patent and patent licenses | 0.0 years |  | 54,341 |  |  | 54,341 |  |  | — |
Customer relationships (1) | 2.2 years |  | 108,604 |  |  | 99,652 |  |  | 8,952 |
Other purchased intangibles | 1.3 years |  | 11,927 |  |  | 10,412 |  |  | 1,515 |
Total |  |  | $ | 183,087 |  |  | $ | 172,306 |  |  | $ | 10,781 |
(1) The Company amortizes its customer relationship assets in a pattern that best reflects the pace in which the assets’ benefits are consumed. This pattern results in a substantial majority of the amortization expense being recognized in the first four to five years, which may not correlate to the overall life of the asset. As of December 31, 2023, intangible assets subject to amortization are summarized as follows (in thousands):
| Weighted-Average Remaining Amortization Period |  | Historical Cost |  | Accumulated Amortization |  | Net
Trade names | 0.3 years |  | $ | 8,199 |  |  | $ | 7,789 |  |  | $ | 410 |
Patent and patent licenses | 0.0 years |  | 54,341 |  |  | 54,341 |  |  | — |
Customer relationships (1) | 2.6 years |  | 108,417 |  |  | 97,333 |  |  | 11,084 |
Other purchased intangibles | 1.8 years |  | 11,989 |  |  | 9,905 |  |  | 2,084 |
Total |  |  | $ | 182,946 |  |  | $ | 169,368 |  |  | $ | 13,578 |
(1) The Company amortizes its customer relationship assets in a pattern that best reflects the pace in which the assets’ benefits are consumed. This pattern results in a substantial majority of the amortization expense being recognized in the first four to five years, which may not correlate to the overall life of the asset.
Estimated Intangible Assets Amortization Expense | Expected amortization expenses for intangible assets subject to amortization at September 30, 2024 are as follows (in thousands):
Fiscal Year: | Amount
2024 (remainder) | $ | 911 |
2025 | 2,600 |
2026 | 2,093 |
2027 | 1,395 |
2028 | 986 |
Thereafter | 2,796 |
Total | $ | 10,781 |

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