Goodwill and Other Intangible Assets

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets

Changes in the carrying amount of goodwill for the three months ended March 31, 2024 were as follows:

	Americas		EMEA		Asia/Pacific		Total
Balance as of December 31, 2023	$	283,103	$	65,940	$	163,475	$	512,518
Goodwill additions	—		16,011		—		16,011
Currency translation adjustments	(115)		(663)		(5,176)		(5,954)
Balance as of March 31, 2024	$	282,988	$	81,288	$	158,299	$	522,575

Gross carrying amounts and accumulated amortization for definite-lived intangible assets were as follows:

	Gross Carrying Amount				Accumulated Amortization				Net Book Value
	March 31, 2024		December 31, 2023		March 31, 2024		December 31, 2023		March 31, 2024		December 31, 2023
Customer lists and rights to sell	$	843,295	$	841,562	$	253,464	$	243,872	$	589,831	$	597,690
Trademarks, formulations and product technology	163,391		161,613		57,411		55,879		105,980		105,734
Other	5,864		5,892		5,753		5,776		111		116
Total definite-lived intangible assets	$	1,012,550	$	1,009,067	$	316,628	$	305,527	$	695,922	$	703,540

The Company amortizes definite-lived intangible assets on a straight-line basis over their useful lives. The Company recorded amortization expense for the three months ended March 31, 2024 and 2023 as follows:

	2024		2023
Amortization expense	$	14,472	$	14,513

Estimated annual aggregate amortization expense for the current year and subsequent five years is as follows:

For the remainder of 2024	$	43,248
For the year ended December 31, 2025	57,158
For the year ended December 31, 2026	56,470
For the year ended December 31, 2027	56,175
For the year ended December 31, 2028	55,835
For the year ended December 31, 2029	55,373

As of March 31, 2024 and December 31, 2023, the Company had indefinite-lived intangible assets for trademarks and tradenames totaling $190.2 million and $193.2 million, respectively.