The Company’s intangible assets consist of the following (in thousands):


	Year Ended December 31,
	2024				2023
	Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Net
Goodwill(1)	$	33,237	$	—	$	33,237	$	33,237	$	—	$	33,237
Indefinite - lived intangible assets:
Trade name(2)	—		—		—		42,000		—		42,000
Finite -lived intangible assets:
Licenses	15,847		(12,566)		3,281		15,847		(12,110)		3,737
Trade names (2)	104,459		(28,619)		75,840		62,493		(23,862)		38,631
Customer relationships	143,157		(73,505)		69,652		143,158		(63,630)		79,528
Other	5,868		(4,351)		1,517		5,872		(3,872)		2,000
Total	$	302,568	$	(119,041)	$	183,527	$	302,607	$	(103,474)	$	199,133

(1)The gross and net value at December 31, 2024 and 2023 reflect a reduction of $79.8 million impairment charges within U.S. segment and $11.9 million impairment charges within International segment.

(2)During 2024, in connection with the annual impairment test completed as of October 1, 2024, the Company determined that one trade name, that was previously estimated to contribute to cash flows indefinitely, has a definite life. Accordingly, the trade name, with a carrying value of $42.0 million, was reclassified from indefinite-lived intangible asset to a finite-lived intangible asset as of October 1, 2024. The trade name is being amortized over an estimated useful life of 15 years.

A summary of the activities related to the Company’s intangible assets for the years ended December 31, 2024, 2023 and 2022 consists of the following (in thousands):


	Intangible Assets		Goodwill		Total Intangible Assets and Goodwill
Goodwill and Intangible Assets, December 31, 2021	$	182,407	$	30,271	$	212,678
Acquisition of goodwill	—		2,966		2,966
Acquisition of trade name	13,000		—		13,000
Foreign currency translation adjustment	(227)		—		(227)
Amortization	(14,530)		—		(14,530)


Goodwill and Intangible Assets, December 31, 2022	180,650		33,237		213,887


Foreign currency translation adjustment	81		—		81
Amortization	(14,835)		—		(14,835)

Goodwill and Intangible Assets, December 31, 2023	165,896		33,237		199,133




Foreign currency translation adjustment	(17)		—		(17)
Amortization	(15,589)		—		(15,589)


Goodwill and Intangible Assets, December 31, 2024	$	150,290	$	33,237	$	183,527

The weighted-average amortization periods for the Company’s finite-lived intangible assets as of December 31, 2024 are as follows:


			Years
Trade names			15
Licenses			33
Customer relationships			14
Other			9

Estimated amortization expense for each of the five succeeding fiscal years is as follows (in thousands):


	Year ending December 31,
2025	$	17,432
2026	17,078
2027	16,374
2028	15,915
2029	15,403

The Company reviews goodwill and other intangibles that have indefinite lives for impairment annually as of October 1st or when events or changes in circumstances indicate the carrying value of these assets might exceed their current fair values. For goodwill, impairment testing is based upon the best information available using a combination of the discounted cash flow method, a form of the income approach, and the guideline public company method, a form of the market approach.

The significant assumptions used under the income approach, or discounted cash flow method, are projected net sales, projected earnings before interest, tax, depreciation and amortization (“EBITDA”) and the cost of capital. Projected net sales and projected EBITDA were determined to be significant assumptions because they are the primary drivers of the projected cash flows in the discounted cash flow fair value model. Cost of capital was also determined to be a significant assumption as it is the discount rate used to calculate the current fair value of those projected cash flows.

Determining fair value using a market approach considers multiples of financial metrics based on both acquisitions and trading multiples of a selected peer group of companies. From the comparable companies, a representative market multiple is determined which is applied to financial metrics to estimate the fair value of a reporting unit.

Although the Company believes the assumptions and estimates made are reasonable and appropriate, different assumptions and estimates could materially impact its reported financial results. In addition, sustained declines in the Company’s stock price and related market capitalization could impact key assumptions in the overall estimated fair values of its reporting units and could result in non-cash impairment charges that could be material to the Company’s consolidated balance sheet or results of operations. Should the carrying value of a reporting unit be in excess of the estimated fair value of that reporting unit, an impairment charge will be recorded to reduce the reporting unit to fair value.

The Company also evaluates qualitative factors to determine whether or not its indefinite-lived intangible have been impaired and then performs quantitative tests if required. These tests can include the relief from royalty model or other valuation models. The significant assumptions used in the relief from royalty model are future net sales for the related brand, royalty rate and the cost of capital to determine the fair value of the indefinite lived intangible. Projected net sales for the related brand and royalty rate were determined to be significant assumptions because they are the primary drivers of the projected cash flows in the relief from royalty model. Cost of capital was also determined to be a significant assumption as it is the discount rate used to calculate the current fair value of those projected cash flows.

The Company performed its annual impairment assessment of its U.S. reporting unit as of October 1, 2024 by comparing the fair value of the reporting unit with its carrying value. The Company performed the analysis using a discounted cash flow and market multiple method. As of October 1, 2024, the fair value of the U.S. reporting unit exceeded the carrying value of goodwill by 5.4%.

Management’s projections used to estimate the cash flows included organic net sales growth and net sales growth through new customer channels as well as continued operating efficiencies in future periods. Changes in any of the significant assumptions used in the valuation of the reporting unit, including projected net sales, projected EBITDA and cost of capital could materially affect the expected cash flows, and such impacts could potentially result in a material non-cash impairment charge.

The Company values its indefinite-lived trade name using a relief-from-royalty approach, which assumes the value of the trade name is the discounted cash flows of the amount that would be paid by a hypothetical market participant had they not owned the trade name and instead licensed the trade name from another company.