Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

NOTE 6 - GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill

The changes in the carrying amount of goodwill for the fiscal years ended December 31 were as follows:


	2023			2022
Balance as of January 1, 2023	$	1,212,898		$	1,046,760
Add: Goodwill resulting from business combinations		21,133			171,415
Less: Goodwill resulting from business divestitures		(16,921	)		—
Effect of foreign currency translation		2,366			(5,277	)
Balance as of December 31, 2023	$	1,219,476		$	1,212,898

See “Note 16 – Acquisitions and Divestitures” for the details of the business combination and divestiture resulting in the changes in goodwill.

Other Intangible Assets

Intangible assets with definite lives are primarily amortized over periods ranging from approximately 1 to 9 years. The weighted-average period of amortization for all intangible assets, calculated as of December 31, 2023, is 5.7 years. The customer-related intangible assets, which consist of customer contracts, backlog, and non-contractual customer relationships, are being amortized based on estimated cash flows and respective estimated economic benefit of the assets. The weighted-average period of amortization of the customer-related intangibles calculated as of December 31, 2023 is 5.7 years. Intangible assets related to developed technology are being amortized on an accelerated basis over a weighted-average period, calculated as of December 31, 2023, of 9.6 years. Intangible assets with an indefinite life consist of a domain name.

Other intangibles consisted of the following at December 31:


	2023
	Gross Carrying Value		Accumulated Amortization			Net Carrying Value
Customer-related	$	185,723	$	(93,911	)	$	91,812
Developed technology		3,902		(904	)		2,998
Trade name		1,280		(1,280	)		—
Total amortizable intangible assets		190,905		(96,095	)		94,810
Intangible with indefinite life		94		—			94
Total other intangible assets	$	190,999	$	(96,095	)	$	94,904


	2022
	Gross Carrying Value		Accumulated Amortization			Net Carrying Value
Customer-related	$	240,591	$	(118,412	)	$	122,179
Developed technology		4,480		(512	)		3,968
Trade name		1,180		(884	)		296
Total amortizable intangible assets		246,251		(119,808	)		126,443
Intangible with indefinite life		94		—			94
Total other intangible assets	$	246,345	$	(119,808	)	$	126,537

Aggregate amortization expense for the years ended December 31, 2023, 2022, and 2021, was approximately $35.5 million, $28.4 million, and $12.5 million, respectively. The estimated future amortization expense relating to intangible assets is as follows:


Year ending December 31,
2024	$	32,992
2025		32,074
2026		18,533
2027		3,407
2028		2,047
Thereafter		5,757
Total	$	94,810