Goodwill and Intangible Assets (Notes)

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets Disclosure [Text Block]

Goodwill and Intangible Assets, Net

Goodwill

    The following table presents the changes in the carrying amount of our goodwill (in thousands):

	Total
Balance as of January 1, 2024	$	1,472,446
Currency translation	(21,511)
Balance as of June 30, 2024	$	1,450,935

Intangible Assets, Net

    Intangible assets, carried at cost less accumulated amortization and amortized on a straight-line basis, were as follows (in thousands):

	Weighted-Average Amortization Life in Years	June 30, 2024
		Cost		Accumulated Amortization		Net
Patents	10	$	34,840	$	21,747	$	13,093
Customer contracts	12	9,835		6,849		2,986
Non-contractual customer relationships	8	550,145		203,725		346,420
Trademarks	1	5,425		5,425		—
Trade name	15	18,248		7,762		10,486
Developed technology	10	587,153		197,000		390,153
Non-compete	3	9,100		8,550		550
Total amortized intangible assets		$	1,214,746	$	451,058	$	763,688
Internally developed software(1)		$	42,106			$	42,106
Total intangible assets		$	1,256,852	$	451,058	$	805,794

______________________________

(1) Internally developed software will be amortized when the projects are complete and the assets are ready for their intended use.

	Weighted-Average Amortization Life in Years	December 31, 2023
		Cost		Accumulated Amortization		Net
Patents	10	$	33,261	$	20,637	$	12,624
Customer contracts	12	10,018		6,755		3,263
Non-contractual customer relationships	8	554,982		171,279		383,703
Trademarks	1	5,425		5,425		—
Trade name	15	18,251		7,162		11,089
Developed technology	10	587,852		167,913		419,939
Non-compete	3	9,100		7,450		1,650
Total amortized intangible assets		$	1,218,889	$	386,621	$	832,268
Internally developed software(1)		$	38,320			$	38,320
Total intangible assets		$	1,257,209	$	386,621	$	870,588

______________________________

(1) Internally developed software will be amortized when the projects are complete and the assets are ready for their intended use.

Intangible assets with definite lives are amortized on a straight-line basis over their estimated useful lives. Intangible asset amortization expense was $33.1 million and $66.2 million during the three and six months ended June 30, 2024, respectively, and $33.1 million and $65.4 million during the three and six months ended June 30, 2023, respectively.

As of June 30, 2024 estimated annual amortization for our intangible assets for each of the next five years and thereafter is approximately (in thousands):

Remainder of 2024	$	65,794
2025	124,722
2026	123,940
2027	113,862
2028	113,264
2029	110,181
Thereafter	111,925
Total	$	763,688