Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Note 9—Goodwill and Intangible Assets

The following table summarizes changes in goodwill (in millions):


Balance at December 31, 2022	$	8,863.0
Acquisitions completed in the current year		20.4
Adjustments to prior acquisitions		(0.8	)
Effect of foreign currency translation		86.9
Balance at December 31, 2023	$	8,969.5
Acquisitions completed in the current year		325.7
Adjustments to prior acquisitions		0.8
Effect of foreign currency translation		(77.9	)
Balance at December 31, 2024	$	9,218.1

A summary of the components of intangible assets is as follows (in millions):


	December 31,
	2024							2023
	Gross Amount		Accumulated Amortization			Net Amount		Gross Amount		Accumulated Amortization			Net Amount
Customer relationships	$	5,280.2	$	(2,796.1	)	$	2,484.1	$	5,059.1	$	(2,449.8	)	$	2,609.3
Completed technology		1,746.4		(1,210.1	)		536.3		1,630.0		(1,108.9	)		521.1
Trade names		285.4		(174.6	)		110.8		279.3		(154.0	)		125.3
Total intangible assets	$	7,312.0	$	(4,180.8	)	$	3,131.2	$	6,968.4	$	(3,712.7	)	$	3,255.7

Total estimated amortization expense, related to intangible assets, for each of the next five years and thereafter, as of December 31, 2024, is expected to approximate (in millions):


Year Ending December 31,
2025	$	486.3
2026		466.9
2027		455.1
2028		363.8
2029		325.6
Thereafter		1,033.5
Total	$	3,131.2

Amortization expense associated with customer relationships, completed technology and other amortizable intangible assets was $482.2 million, $505.3 million and $516.4 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Net capitalized software costs of $390.4 million and $325.8 million are included in the December 31, 2024 and 2023 Consolidated Balance Sheets, respectively, under “Intangible and other assets”. Accumulated amortization related to capitalized software costs totaled $422.8 million and $307.6 million as of December 31, 2024 and 2023, respectively.

Amortization expense related to capitalized software development costs was $124.4 million, $91.3 million and $78.9 million for each of the years ended December 31, 2024, 2023, and 2022, respectively.