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Goodwill and Intangible Assets (Tables)
6 Months Ended
Jun. 30, 2024
Goodwill And Other Intangible Assets Disclosure [Abstract]  
Changes in Carrying Value of Goodwill

The following table represents the change in the carrying value of goodwill for the six months ended June 30, 2024 (amounts in thousands):

 

Balance at December 31, 2023

 

$

987,120

 

Measurement period adjustment - Metenova

 

 

(56

)

Cumulative translation adjustment

 

 

(1,451

)

Balance at June 30, 2024

 

$

985,613

 

Schedule of Intangible Assets

Intangible assets, net, consisted of the following at June 30, 2024:

 

 

June 30, 2024

 

 

 

Gross
Carrying
Value

 

 

Accumulated
Amortization

 

 

Net
Carrying
Value

 

 

Weighted
Average
Useful Life
(in years)

 

 

 

(Amounts in thousands)

 

 

 

 

Finite-lived intangible assets:

 

(As Restated)

 

 

(As Restated)

 

 

(As Restated)

 

 

 

 

Technology - developed

 

$

253,859

 

 

$

(52,503

)

 

$

201,356

 

 

 

16

 

Patents

 

 

240

 

 

 

(240

)

 

 

 

 

 

8

 

Customer relationships

 

 

268,683

 

 

 

(92,419

)

 

 

176,264

 

 

 

15

 

Trademarks

 

 

8,698

 

 

 

(2,043

)

 

 

6,655

 

 

 

19

 

Other intangibles

 

 

3,859

 

 

 

(2,786

)

 

 

1,073

 

 

 

3

 

Total finite-lived intangible assets

 

 

535,339

 

 

 

(149,991

)

 

 

385,348

 

 

 

15

 

Indefinite-lived intangible asset:

 

 

 

 

 

 

 

 

 

 

 

 

Trademarks

 

 

700

 

 

 

 

 

 

700

 

 

 

 

Total intangible assets

 

$

536,039

 

 

$

(149,991

)

 

$

386,048

 

 

 

 

 

Intangible assets, net, consisted of the following at December 31, 2023:

 

 

 

December 31, 2023

 

 

 

Gross
Carrying
Value

 

 

Accumulated
Amortization

 

 

Net
Carrying
Value

 

 

Weighted
Average
Useful Life
(in years)

 

 

 

(Amounts in thousands)

 

 

 

 

Finite-lived intangible assets:

 

(As Restated)

 

 

(As Restated)

 

 

(As Restated)

 

 

 

 

Technology - developed

 

$

256,536

 

 

$

(44,633

)

 

$

211,903

 

 

 

16

 

Patents

 

 

240

 

 

 

(240

)

 

 

 

 

 

8

 

Customer relationships

 

 

269,949

 

 

 

(83,963

)

 

 

185,986

 

 

 

15

 

Trademarks

 

 

8,757

 

 

 

(1,789

)

 

 

6,968

 

 

 

19

 

Other intangibles

 

 

3,914

 

 

 

(2,514

)

 

 

1,400

 

 

 

3

 

Total finite-lived intangible assets

 

 

539,396

 

 

 

(133,139

)

 

 

406,257

 

 

 

15

 

Indefinite-lived intangible asset:

 

 

 

 

 

 

 

 

 

 

 

 

Trademarks

 

 

700

 

 

 

 

 

 

700

 

 

 

 

Total intangible assets

 

$

540,096

 

 

$

(133,139

)

 

$

406,957

 

 

 

 

Schedule of Amortization Expense for Amortized Intangible Assets As of June 30, 2024, the Company expects to record the following amortization expense in future periods (amounts in thousands):

 

 

 

Estimated

 

 

 

Amortization

 

 

 

Expense

 

For the Years Ended December 31,

 

(As Restated)

 

2024 (remaining six months)

 

$

17,117

 

2025

 

 

34,079

 

2026

 

 

33,741

 

2027

 

 

33,707

 

2028

 

 

33,608

 

2029 and thereafter

 

 

233,096

 

Total

 

$

385,348