Goodwill and Intangible Assets
Goodwill
Changes in the carrying amount of goodwill were as follows: | | | | | |
| (in thousands) | Total |
| Balance at December 31, 2023 | $ | 1,176,635 | |
| Additions from acquisitions | 26,948 | |
| Effects of movements in foreign exchange rates | (2,230) | |
| Balance at December 31, 2024 | 1,201,353 | |
| Additions from acquisitions | 55,088 | |
| Effects of movements in foreign exchange rates | 1,171 | |
| Balance at December 31, 2025 | $ | 1,257,612 | |
The Company conducted its annual impairment test of goodwill as of October 1, 2025 and determined there was no impairment of goodwill. 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, 2025, 2024, and 2023.
Intangible Assets
Intangible assets other than goodwill at December 31, consisted of the following:
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| December 31, 2025 |
| (in thousands) | Weighted average remaining life (in years) | | Gross carrying amount | | Impairment Loss | | Accumulated amortization | | Net book value |
| Intangible assets subject to amortization: | | | | | | | | | |
| Customer relationships | 3.0 | | $ | 234,108 | | | $ | — | | | $ | (144,959) | | | $ | 89,149 | |
| Technology | 0.5 | | 1,500 | | | — | | | (1,375) | | | 125 | |
| Trade names | 1.8 | | 165,500 | | | (132,540) | | | (23,146) | | | 9,814 | |
| Indefinite-lived intangible assets: | | | | | | | | | |
| Trade name – WillScot | | | 125,000 | | | — | | | — | | | 125,000 | |
| Total intangible assets other than goodwill | | | $ | 526,108 | | | $ | (132,540) | | | $ | (169,480) | | | $ | 224,088 | |
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| December 31, 2024 |
| (in thousands) | Weighted average remaining life (in years) | | Gross carrying amount | | Impairment Loss | | Accumulated amortization | | Net book value |
| Intangible assets subject to amortization: | | | | | | | | | |
Customer relationships | 3.5 | | $ | 215,408 | | | $ | — | | | $ | (113,415) | | | $ | 101,993 | |
| Technology | 1.5 | | 1,500 | | | — | | | (1,125) | | | 375 | |
| Trade names | 2.7 | | 165,500 | | | (132,540) | | | (9,164) | | | 23,796 | |
| Indefinite-lived intangible assets: | | | | | | | | | |
| Trade name – WillScot | | | 125,000 | | | — | | | — | | | 125,000 | |
| Total intangible assets other than goodwill | | | $ | 507,408 | | | $ | (132,540) | | | $ | (123,704) | | | $ | 251,164 | |
For the years ended December 31, 2025, 2024, and 2023, the aggregate amount recorded to depreciation and amortization expense for intangible assets subject to amortization was $45.8 million, $38.5 million, and $25.8 million, respectively.
In 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 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, 2025, the expected future amortization expense for intangible assets was as follows:
| | | | | |
| (in thousands) | Amortization Expense |
| 2026 | $ | 40,210 | |
| 2027 | 33,580 | |
| 2028 | 18,037 | |
| 2029 | 3,367 | |
| 2030 | 3,117 | |
| Thereafter | 777 | |
| Total | $ | 99,088 | |