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Goodwill and Other Intangible Assets | 9 Months Ended
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Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | Note 4 — Goodwill and Other Intangible Assets Goodwill Goodwill represents the excess of the purchase price of acquired businesses over the estimated fair values of the tangible and identifiable intangible net assets acquired. Goodwill is not amortized; however, it is required to be tested for impairment annually, which requires assessment of the potential impairment at the reporting unit level. Reporting units are determined based on the components of the Company's operating segments that constitute a business for which discrete financial information is available and for which operating results are regularly reviewed by segment management. Testing for impairment is also required on an interim basis if an event or circumstance indicates it is more likely than not an impairment loss has been incurred. The Company performed its annual impairment testing as of November 30, 2023 utilizing a quantitative assessment to determine if the fair values of each of its reporting units was less than their respective carrying values and concluded that no impairments existed. Subsequent to completing the annual test and through September 30, 2024, there were no events or circumstances that required an interim impairment test. Accordingly, as of September 30, 2024, the Company had no accumulated goodwill impairment losses. A pproxim ately $8.2 million of goodwill is allocated to the Company’s Consulting reporting unit, which had a negative carrying value as of the date of the last test. The change in the carrying amount of goodwill for the nine months ended September 30, 2024 is summarized as follows (in thousands):
| Total |
Balance at December 31, 2023 | $ | 244,257 |
Dispositions (1) |  | (14,795 | )
Translation adjustments |  | 785 |
Balance at September 30, 2024 | $ | 230,247 |
(1) See Note 2 - Divestiture for additional information. The amount of goodwill allocated to the divestiture was determined using a relative fair value approach. Finite-Lived Intangible Assets The carrying values of finite-lived intangible assets are as follows (in thousands):
| September 30, 2024 |
| Gross |  |  |  |  |  | Net |
| Carrying |  |  | Accumulated |  |  | Carrying |
| Amount |  |  | Amortization |  |  | Amount |
Amortizable intangible assets: |  |  |  |  |  |  |  |
Customer relationships | $ | 77,000 |  |  | $ | 47,865 |  |  | $ | 29,135 |
Technology |  | 13,000 |  |  |  | 12,976 |  |  |  | 24 |
Trademarks |  | 12,000 |  |  |  | 11,468 |  |  |  | 532 |
Total | $ | 102,000 |  |  | $ | 72,309 |  |  | $ | 29,691 |
| December 31, 2023 |
| Gross |  |  |  |  |  | Net |
| Carrying |  |  | Accumulated |  |  | Carrying |
| Amount |  |  | Amortization |  |  | Amount |
Amortizable intangible assets: |  |  |  |  |  |  |  |
Customer relationships | $ | 77,640 |  |  | $ | 42,091 |  |  | $ | 35,549 |
Technology |  | 16,524 |  |  |  | 15,950 |  |  |  | 574 |
Trademarks |  | 12,519 |  |  |  | 11,005 |  |  |  | 1,514 |
Total | $ | 106,683 |  |  | $ | 69,046 |  |  | $ | 37,637 |
Estimated intangible asset amortization expense for each of the five succeeding years is as follows (in thousands):
2024 (remainder) | $ | 2,217 |
2025 |  | 8,734 |
2026 |  | 8,335 |
2027 |  | 8,324 |
2028 |  | 2,081 |
Total | $ | 29,691 |

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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 + Details
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