Goodwill represents the excess of the purchase price over the net amount of identifiable assets acquired and liabilities assumed in a business combination measured at fair value. The Company evaluates goodwill for impairment annually on October 1 of each year and upon the occurrence of triggering events or substantive changes in circumstances that could indicate a potential impairment by assessing qualitative factors or performing a quantitative analysis in determining whether it is more likely than not that the fair value of the net assets is below their carrying amounts. The Company has determined that it has one reporting unit for which discrete financial information is available and results are regularly reviewed by management.

The Company determined as of its annual October 1, 2025 goodwill impairment assessment, it was more likely than not that the fair value of the reporting unit was above the carrying value of the net assets. During the year ended December 31, 2025, the Company observed a significant decline in the market valuation of the Company’s Class A common stock along with a volatile macroeconomic environment. As a result, the Company has evaluated potential goodwill impairment triggering events as of December 31, 2025, and determined it was more likely than not that the fair value of the reporting unit was above carrying value of the net assets. However, the Company will continue to evaluate for impairment triggering events due to the substantive changes in circumstances, such as market capitalization, which could indicate a potential impairment and the need to record a material, non-cash charge in a future period. The Company will continue to monitor conditions that may indicate the need for a recoverability assessment of the carrying value of the identified intangible and other long-lived assets.

The following table presents the balances of goodwill as of 2025 and 2024 (in thousands):


	Goodwill
Balance as of January 1, 2024	$	133,795

Reclassification to assets held-for-sale	(87)
Foreign currency remeasurement	(56)
Balance as of December 31, 2024	$	133,652


Foreign currency remeasurement	248
Balance as of December 31, 2025	$	133,900

Intangible assets acquired in a business combination are recognized separately from goodwill and are initially recognized at their fair value at the acquisition date. Intangible assets acquired include intellectual property (product design), customer and licensor relationships, and trade names. These are definite-lived assets and are amortized on a straight-line basis over their estimated useful lives. As of December 31, 2025 and 2024, there were also immaterial indefinite-lived assets not subject to amortization but tested for impairment. There were immaterial impairment charges relating to indefinite-lived intangible assets recorded in the years ended December 31, 2025, 2024 and 2023, respectively.

The following table provides the details of remaining identified intangible assets, by major class, for the periods indicated (in thousands):


		December 31, 2025						December 31, 2024
	Estimated Useful Life (Years)	Gross Carrying Amount		Accumulated Amortization		Intangible Assets, Net		Gross Carrying Amount		Accumulated Amortization		Intangible Assets, Net
Intangible assets subject to amortization:
Intellectual property	3 - 20	$	114,611	$	(58,359)	$	56,252	$	114,611	$	(52,638)	$	61,973
Trade names	10 - 20	92,528		(46,161)		46,367		92,528		(40,977)		51,551
Customer relationships	3 - 20	69,092		(37,479)		31,613		68,821		(33,490)		35,331
Licensor relationships	10 - 20	11,258		(9,680)		1,578		11,074		(8,409)		2,665
Total		$	287,489	$	(151,679)	$	135,810	$	287,034	$	(135,514)	$	151,520

Amortization expense for the years ended December 31, 2025, 2024 and 2023 was $15.8 million, respectively. The future five-year amortization of intangibles subject to amortization at December 31, 2025 was as follows (in thousands):


	Amortization
2026	$	15,641
2027	14,535
2028	13,862
2029	13,862
2030	13,862
Thereafter	64,048
Total	$	135,810