v3.25.1
Goodwill and Other Intangible Assets
 3 Months Ended
Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets 4. Goodwill and Other Intangible Assets
Changes in the Company’s goodwill balance for the three months ended March 31, 2025 are summarized in the table below (in thousands):
Balance at December 31, 2024$260,976 
Divestitures of businesses(2,938)
Foreign currency translation adjustment2,020 
Balance at March 31, 2025$260,058 
The Company reviews its goodwill for impairment annually in the fourth quarter of the fiscal year and whenever events or changes in circumstances indicate that the carrying value of goodwill might not be recoverable.
Intangible assets, net include the estimated acquisition-date fair values of customer relationships, marketing-related assets, and developed technology that the Company recorded as part of its business acquisitions. The following is a summary of the Company’s intangible assets, net (in thousands):
Estimated Useful
Life (Years)		Gross
Carrying Amount		Accumulated
Amortization		Net Carrying
Amount
March 31, 2025:(unaudited)
Customer relationships
1-10
$273,682 $192,933 $80,749 
Trade name
1.5-10
8,083 7,299 784 
Developed technology
4-9
72,492 62,937 9,555 
Favorable Leases6.3258 134 124 
Total intangible assets$354,515 $263,303 $91,212 
Estimated Useful
Life (Years)		Gross
Carrying Amount		Accumulated
Amortization		Net Carrying
Amount
December 31, 2024:
Customer relationships
1-10
$348,524 $239,563 $108,961 
Trade name
1.5-10
9,329 7,949 1,380 
Developed technology
4-9
85,558 72,132 13,426 
Favorable Leases6.3258 122 136 
Total intangible assets$443,669 $319,766 $123,903 
During the three months ended March 31, 2025, the Company divested certain products lines and their related intangible assets which resulted in a reduction of $25.0 million in the net carrying value of intangible assets. See Note 12. Divestitures.
The Company periodically reviews the estimated useful lives of its identifiable intangible assets, taking into consideration any events or circumstances that might result in either a diminished fair value or revised useful life. Management recorded no impairments of intangible assets during the three months ended March 31, 2025 and March 31, 2024.
Total amortization expense was $9.4 million and $13.5 million during the three months ended March 31, 2025 and March 31, 2024, respectively.