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Intangible Assets (Tables)
6 Months Ended
Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Intangible Assets

Intangible assets consisted of the following:

($ in thousands)

 

Gross Carrying Value

 

 

Accumulated Amortization

 

 

Net Carrying Value

 

 

Weighted Average Useful Life (Years)

 

Client relationships

 

$

523,850

 

 

$

164,815

 

 

$

359,035

 

 

 

6.81

 

Channel relationships

 

 

16,240

 

 

 

3,965

 

 

 

12,275

 

 

 

7.56

 

Software costs

 

 

221,059

 

 

 

154,780

 

 

 

66,279

 

 

 

0.91

 

Non-compete agreements

 

 

4,580

 

 

 

4,248

 

 

 

332

 

 

 

0.36

 

Trade name

 

 

20,000

 

 

 

 

 

 

20,000

 

 

 

 

Balance as of June 30, 2023

 

$

785,729

 

 

$

327,808

 

 

$

457,921

 

 

 

5.08

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer relationships

 

$

539,850

 

 

$

137,515

 

 

$

402,335

 

 

 

7.40

 

Channel relationships

 

 

16,240

 

 

 

3,168

 

 

 

13,072

 

 

 

8.06

 

Software costs

 

 

196,890

 

 

 

132,322

 

 

 

64,568

 

 

 

0.99

 

Non-compete agreements

 

 

4,580

 

 

 

4,030

 

 

 

550

 

 

 

0.54

 

Trade name

 

 

20,050

 

 

 

 

 

 

20,050

 

 

 

 

Balance as of December 31, 2022

 

$

777,610

 

 

$

277,035

 

 

$

500,575

 

 

 

5.71

 

Schedule of Estimated Amortization Expense

The estimated amortization expense for the next five years and thereafter in the aggregate is as follows:

 

($ in thousands)

 

Estimated Future

 

Year Ending December 31,

 

Amortization Expense

 

2023

 

$

48,951

 

2024

 

 

86,945

 

2025

 

 

69,767

 

2026

 

 

57,420

 

2027

 

 

55,941

 

Thereafter

 

 

118,897