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Goodwill and Intangible Assets
12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible Assets
Goodwill
Changes in the carrying amount of goodwill were as follows:
(in thousands)Total
Balance at December 31, 2022$1,011,429 
Additions from acquisitions164,502 
Effects of movements in foreign exchange rates704 
Balance at December 31, 20231,176,635 
Additions from acquisitions26,948 
Effects of movements in foreign exchange rates(2,230)
Balance at December 31, 2024$1,201,353 
The Company conducted its annual impairment test of goodwill as of October 1, 2024 and determined that there was no impairment of goodwill identified. Accumulated historical goodwill impairment losses were $792.8 million prior to Double Eagle Acquisition Corporation's acquisition of Williams Scotsman International, Inc. in 2017. There were no goodwill impairments recorded for the years ended December 31, 2024, 2023 and 2022.
Intangible Assets
Intangible assets other than goodwill at December 31, consisted of the following:
December 31, 2024
(in thousands)Weighted average remaining life (in years)Gross carrying amountImpairment LossAccumulated amortizationNet book value
Intangible assets subject to amortization:
Customer relationships3.5$215,408 $— $(113,415)$101,993 
Technology1.51,500 — (1,125)375 
Trade names2.7165,500 (132,540)(9,164)23,796 
Indefinite-lived intangible assets:
Trade name – WillScot125,000 — — 125,000 
Total intangible assets other than goodwill$507,408 $(132,540)$(123,704)$251,164 
December 31, 2023
(in thousands)Weighted average remaining life (in years)Gross carrying amountAccumulated amortizationNet book value
Intangible assets subject to amortization:
Customer relationships4.5$214,408 $(84,324)$130,084 
Technology2.51,500 (875)625 
Indefinite-lived intangible assets:
Trade name - Mobile Mini 164,000 — 164,000 
Trade name - WillScot125,000 — 125,000 
Total intangible assets other than goodwill$504,908 $(85,199)$419,709 
For the years ended December 31, 2024, 2023 and 2022, the aggregate amount recorded to depreciation and amortization expense for intangible assets subject to amortization was $38.5 million, $25.8 million and $23.8 million, respectively.
In the second quarter of 2024, the Company determined that a review of the carrying value of the Mobile Mini trade name was necessary based on the Company's plan to rebrand under a single WillScot brand name and discontinue the use of the Mobile Mini trade name. As of June 30, 2024, the Mobile Mini trade name was tested for impairment using the relief from royalty valuation method. The estimate of fair value included a discount rate of 9%, an unobservable input (Level 3). After determining the estimated fair value, the Company recorded an impairment charge of $132.5 million during the year ended December 31, 2024. This non-cash charge was recorded to impairment loss on intangible asset on the consolidated statement of operations. After the impairment charge, the remaining net book value of the Mobile Mini trade name was $31.5 million, which is being amortized over the remaining useful life of the asset.
As of December 31, 2024, the expected future amortization expense for intangible assets is as follows:
(in thousands)Amortization Expense
2025$43,438 
202637,093 
202730,463 
202814,920 
2029250 
Total$126,164