Goodwill and Intangible Assets (Notes)

6 Months Ended

Jun. 30, 2025

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, 2025	$	1,432,772
Currency translation	69,148
Balance as of June 30, 2025	$	1,501,920

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, 2025
		Cost		Accumulated Amortization		Net
Patents	10	$	38,718	$	24,148	$	14,570
Customer contracts	12	10,202		7,300		2,902
Non-contractual customer relationships	8	563,987		273,327		290,660
Trademarks	1	5,425		5,425		—
Trade name	15	18,245		8,967		9,278
Developed technology(1)	10	627,611		262,023		365,588
Non-compete	3	9,100		9,100		—
Total amortized intangible assets		$	1,273,288	$	590,290	$	682,998
Internally developed software(2)		$	15,011			$	15,011
Total intangible assets		$	1,288,299	$	590,290	$	698,009

______________________________

(1)    Developed technology primarily consists of acquired patented technologies and internally developed software. Upon completion of development, the assets are amortized over their estimated useful lives.

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

	Weighted-Average Amortization Life in Years	December 31, 2024
		Cost		Accumulated Amortization		Net
Patents	10	$	36,811	$	22,913	$	13,898
Customer contracts	12	9,818		6,994		2,824
Non-contractual customer relationships	8	546,404		236,267		310,137
Trademarks	1	5,425		5,425		—
Trade name	15	18,239		8,357		9,882
Developed technology(1)	10	619,540		227,869		391,671
Non-compete	3	9,100		9,100		—
Total amortized intangible assets		$	1,245,337	$	516,925	$	728,412
Internally developed software(2)		$	12,377			$	12,377
Total intangible assets		$	1,257,714	$	516,925	$	740,789

_______________________________

(1)    Developed technology primarily consists of acquired patented technologies and internally developed software. Upon completion of development, the assets are amortized over their estimated useful lives.

(2)    Internally developed software will be reclassified to developed technology and amortized when the projects are complete and the assets are ready for their intended use. During 2024, we reclassified $33.2 million to developed technology.

Intangible assets with definite lives are amortized on a straight-line basis over their estimated useful lives. Intangible asset amortization expense was $32.7 million and $65.3 million for the three and six months ended June 30, 2025, respectively, as compared to $33.1 million and $66.2 million during the three and six months ended June 30, 2024, respectively. Intangible asset amortization expense included in cost of goods sold was $1.0 million and $2.1 million, for the three and six months ended June 30, 2025, respectively. There were no such balances for the three and six months ended June 30, 2024.

As of June 30, 2025 estimated annual amortization for our intangible assets for each of the next five years and thereafter is approximately (in thousands):

Remainder of 2025	$	65,763
2026	132,233
2027	121,100
2028	120,502
2029	117,406
2030	53,264
Thereafter	72,730
Total	$	682,998