Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill and Intangible Assets

Goodwill

The following table represents changes in the carrying amount of goodwill:

	(In thousands)
Balance as of December 31, 2020	$	499,309
Additions (1)	242,964
Measurement period adjustments (1)	(2,321)
Foreign currency exchange rate fluctuations	(1,052)
Balance as of December 31, 2021	738,900
Additions (1)	2,549
Measurement period adjustments (1)	(3,770)
Foreign currency exchange rate fluctuations	(3,405)
Balance as of December 31, 2022	$	734,274

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(1)     Refer to Note 2, Business Combinations, for further information.

Intangible Assets, Net

The carrying amounts and useful lives of intangible assets as of December 31, 2022 and 2021 were as follows:

	December 31, 2022
	Gross carrying amount (1)		Accumulated amortization		Foreign currency exchange rate fluctuations		Net carrying amount		Useful life (years)
	(In thousands, except for years)
Customer relationships	$	311,089	$	(99,177)	$	(1,514)	$	210,398	4 - 30
Acquired technology	92,066		(64,299)		—		27,767		4 - 20
Backlog	1,800		(900)		—		900		2
Trade names	9,200		(6,633)		—		2,567		5 - 12
Patents	2,430		(1,306)		—		1,124		2 - 20
Non-compete agreements	600		(450)		—		150		3
Total intangibles assets, net	$	417,185	$	(172,765)	$	(1,514)	$	242,906

	December 31, 2021
	Gross carrying amount (1)		Accumulated amortization		Foreign currency exchange rate fluctuations		Net carrying amount		Useful life (years)
	(In thousands, except for years)
Customer relationships	$	309,989	$	(78,093)	$	(933)	$	230,963	10 - 30
Acquired technology	95,466		(55,859)		6		39,613		4 - 20
Backlog	1,800		—		—		1,800		2
Trade names	9,200		(5,600)		14		3,614		5 - 12
Patents	2,462		(1,186)		—		1,276		2 - 20
Non-compete agreements	600		(250)		—		350		3
Total intangibles assets, net	$	419,517	$	(140,988)	$	(913)	$	277,616

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(1)     The differences in gross carrying amounts between periods are primarily due to the write-off of certain fully amortized intangible assets, partially offset by additions of intangible assets in connection with the Hub and Spoke Innovations acquisition.

Amortization expense of intangible assets was $35.2 million, $26.5 million, and $19.7 million for the years ended December 31, 2022, 2021, and 2020, respectively.

The estimated future amortization expenses for amortizable intangible assets were as follows:

	December 31, 2022
	(In thousands)
2023	$	31,467
2024	23,019
2025	21,035
2026	18,069
2027	16,384
Thereafter	132,932
Total	$	242,906