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Goodwill and Other Intangible Assets (Tables)
12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Summary of Other Intangible Assets

Other intangible assets, net consist of the following components:

 

 

 

As of December 31, 2023

 

 

 

 

 

 

Gross
Carrying
Amount

 

 

Accumulated
Amortization

 

 

Net
Amount

 

 

Weighted
Average
Remaining
Amortization
Period
(in years)

 

Other intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

Customer lists / relationships

 

$

144,671

 

 

$

(63,006

)

 

$

81,665

 

 

 

9.6

 

Technology and other intangibles

 

 

54,052

 

 

 

(31,760

)

 

 

22,292

 

 

 

7.4

 

Other intangible assets, net

 

$

198,723

 

 

$

(94,766

)

 

$

103,957

 

 

 

8.1

 

Amortization expense for the year ended December 31, 2023

 

 

 

 

$

11,024

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2022

 

 

 

Gross
Carrying
Amount

 

 

Accumulated
Amortization

 

 

Net
Amount

 

Other intangible assets:

 

 

 

 

 

 

 

 

 

Customer lists / relationships

 

$

148,899

 

 

$

(59,603

)

 

$

89,296

 

Technology and other intangibles

 

 

45,255

 

 

 

(26,498

)

 

 

18,757

 

Other intangible assets, net

 

$

194,154

 

 

$

(86,101

)

 

$

108,053

 

Amortization expense for the year ended December 31, 2022

 

 

 

 

$

11,627

 

 

 

 

Amortization expense for the year ended December 31, 2021

 

 

 

 

$

9,413

 

 

 

 

Summary of Estimated Amortization Expense

The estimated amortization expense for the next five years and thereafter is as follows:

 

 

 

Amortization
expense

 

2024

 

$

11,210

 

2025

 

 

10,716

 

2026

 

 

10,556

 

2027

 

 

10,498

 

2028

 

 

10,463

 

Thereafter

 

 

50,514

 

Total future amortization expense

 

$

103,957

 

Summary of Changes in Net Carrying Amount of Goodwill

Changes in the net carrying amount of goodwill were as follows:

 

 

 

Total

 

Goodwill as of December 31, 2021

 

$

109,798

 

Increase due to acquisitions

 

 

42,541

 

Decrease from purchase accounting adjustments

 

 

22

 

Goodwill as of December 31, 2022

 

$

152,361

 

Increase due to acquisitions

 

 

2,914

 

Foreign exchange impact

 

 

2,363

 

Goodwill as of December 31, 2023

 

$

157,638