Quarterly report [Sections 13 or 15(d)]

GOODWILL AND INTANGIBLE ASSETS

v3.25.1
GOODWILL AND INTANGIBLE ASSETS
 3 Months Ended
Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND INTANGIBLE ASSETS GOODWILL AND INTANGIBLE ASSETS
The following table summarizes changes in goodwill during the three months ended March 31, 2025 (in thousands):
Balance at December 31, 2024 $ 1,161,085 
Additions 16,031 
Measurement adjustments (627)
Adjustments due to currency translation and other 2,215 
Balance at March 31, 2025 $ 1,178,704 
The following table sets forth the components of indefinite-lived and amortizable intangible assets as of March 31, 2025 and December 31, 2024 (in thousands):
March 31, 2025 December 31, 2024
Gross Accumulated
Amortization		 Carrying
Value		 Gross Accumulated
Amortization		 Carrying
Value		 Useful Life
in Years
Amortizable intangible assets:
Customer contracts $ 662,885  $ (287,099) $ 375,786  $ 671,242  $ (288,150) $ 383,092 
3-20
Trademarks and tradenames 24,327  (13,534) 10,793  24,559  (12,480) 12,079 
7-20
Other intangible assets 27,040  (18,532) 8,508  26,507  (17,905) 8,602 
3-20
Total amortizable intangible assets $ 714,252  $ (319,165) $ 395,087  $ 722,308  $ (318,535) $ 403,773 
Indefinite-lived intangible assets 139,726  137,816 
Total customer contracts and other intangible assets $ 534,813  $ 541,589 
Amortization expense related to intangible assets was $20.8 million and $18.7 million for the three months ended March 31, 2025 and 2024, respectively. Customer contracts and other amortizable intangible assets are amortized on a straight-line basis over their economic useful lives.
Estimated amortization expense for the existing carrying amount of amortizable intangible assets for each of the five succeeding fiscal years as of March 31, 2025 are as follows:
(in thousands)
2025 (excluding the three months ended March 31, 2025) $ 60,954 
2026 78,811 
2027 74,925 
2028 63,767 
2029 49,867