Identifiable Intangible Assets and Goodwill

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Identifiable Intangible Assets and Goodwill

Identifiable Intangible Assets and Goodwill

The components of identifiable intangible assets are:

(in thousands)	March 31, 2026		December 31, 2025		Estimated Useful Life	Weighted-Average Amortization Period
Acquired developed technology	$	199,635	$	183,840	3 - 7 years	4.57 years
Internally developed software costs	43,848		43,233		3 years	1.89 years
Customer relationships	128,033		119,046		5 - 15 years	9.57 years
Trade names	3,210		3,210		2 - 8 years	6.31 years
Non-competition agreements	7,230		7,230		1 - 5 years	3.41 years
	381,956		356,559
Impact of currency translation on intangible assets	(1,377)		(983)
Less: accumulated amortization	(175,213)		(164,471)
	205,366		191,105
Internally developed software costs not meeting general release threshold	3,145		1,065
Trademarks, trade names (non-amortizable)	11,200		11,200		Indefinite
	$	219,711	$	203,370

Software costs placed into service during the three months ended March 31, 2026 and 2025 were $0.6 million and $1.8 million, respectively.

The following table summarizes amortization expense for identifiable intangible assets:

	Three Months Ended March 31,
(in thousands)	2026		2025
Amortization of acquired developed technology	$	6,435	$	6,209
Amortization of internally developed software	1,046		1,430
Amortization of identifiable intangible assets recorded in cost of sales	$	7,481	$	7,639
Amortization expense recorded in operating expenses	$	3,431	$	3,259
Impact of foreign currency translation on intangible assets	$	(169)	$	733

The expected future amortization of intangible assets, assuming straight-line amortization of capitalized software development costs and acquisition related intangibles, excluding software development costs not meeting the general release threshold, is as follows:

(in thousands)
2026, remaining	$	34,299
2027	41,632
2028	30,545
2029	22,731
2030	20,239
Thereafter	55,920
Total	$	205,366

The following table summarizes changes in the carrying balance of goodwill:

(in thousands)	2026		2025
Beginning balance - January 1	$	898,035	$	887,459
Delaget Acquisition ASC 805 measurement period adjustment	—		125
Foreign currency translation	(925)		2,909
Ending balance - March 31	$	897,110	$	890,493