Quarterly report pursuant to Section 13 or 15(d)

GOODWILL AND INTANGIBLE ASSETS

v3.24.1.u1
GOODWILL AND INTANGIBLE ASSETS
 3 Months Ended
Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND INTANGIBLE ASSETS
The following table summarizes changes in goodwill during the three months ended March 31, 2024 (in thousands):
Goodwill:
Balance at December 31, 2023 $ 1,070,310 
Additions 27,337 
Adjustments due to currency translation and other (2,506)
Balance at March 31, 2024 $ 1,095,141 
The following table sets forth the components of indefinite-lived and amortizable intangible assets as of March 31, 2024, and December 31, 2023 (in thousands):
March 31, 2024 December 31, 2023
Gross Accumulated
Amortization		 Carrying
Value		 Gross Accumulated
Amortization		 Carrying
Value		 Useful Life
in Years
Amortizable intangible assets:
Customer contracts $ 645,021  $ (255,822) $ 389,199  $ 625,920  $ (239,768) $ 386,152 
3-20
Trademarks and tradenames 22,413  (10,324) 12,089  21,566  (9,933) 11,633 
7-20
Other intangible assets 25,376  (19,233) 6,143  24,766  (18,779) 5,987 
3-20
Total amortizable intangible assets $ 692,810  $ (285,379) $ 407,431  $ 672,252  $ (268,480) 403,772 
Indefinite-lived intangible assets 141,959  141,962 
Total customer contracts and other intangible assets $ 549,390  $ 545,734 
Amortization expense related to intangible assets was $18.7 million and $14.0 million for the three months ended March 31, 2024 and 2023, 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 customer contracts and other intangible assets for each of the five succeeding fiscal years as of March 31, 2024 are as follows:
(in thousands)
2024 (excluding the three months ended March 31, 2024) $ 61,384 
2025 72,147 
2026 68,042 
2027 64,176 
2028 62,165