Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2024

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:


	2024			2023
Balance as of January 1, 2024	$	1,219,476		$	1,212,898
Add: Goodwill resulting from business combinations		30,200			21,133
Less: Goodwill resulting from business divestitures		—			(16,921	)
Effect of foreign currency translation		(821	)		2,366
Balance as of December 31, 2024	$	1,248,855		$	1,219,476

See “Note 17 – 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 11 years. The weighted-average period of amortization for all intangible assets, calculated as of December 31, 2024, 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, 2024 is 5.7 years. Intangible assets related to developed technology are being amortized over a weighted-average period, calculated as of December 31, 2024, of 7.6 years. Intangible assets with an indefinite life consist of a domain name.

Other intangibles consisted of the following at December 31:


	2024
	Gross Carrying Value		Accumulated Amortization			Net Carrying Value
Customer-related	$	188,410	$	(108,215	)	$	80,195
Developed technology		8,902		(1,279	)		7,623
Trade name		1,570		(1,220	)		350
Total amortizable intangible assets		198,882		(110,714	)		88,168
Intangible with indefinite life		94		—			94
Total other intangible assets	$	198,976	$	(110,714	)	$	88,262


	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

Aggregate amortization expense for the years ended December 31, 2024, 2023, and 2022, was approximately $33.0 million, $35.5 million, and $28.4 million, respectively. The estimated future amortization expense relating to intangible assets is as follows:


Year ending December 31,
2025	$	35,590
2026		21,700
2027		6,574
2028		5,214
2029		4,534
Thereafter		14,556
Total	$	88,168