Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2024

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, 2023	$	735,810
Foreign currency exchange rate fluctuations	(459)
Balance as of June 30, 2024	$	735,351

Intangible Assets, Net

The carrying amounts and useful lives of intangible assets as of June 30, 2024 and December 31, 2023 were as follows:

	June 30, 2024
	Gross carrying amount (1)		Accumulated amortization		Foreign currency exchange rate fluctuations		Net carrying amount		Useful life (years)
	(In thousands, except for years)
Customer relationships	$	307,418	$	(124,314)	$	(1,352)	$	181,752	4 - 30
Acquired technology	46,134		(30,380)		—		15,754		4 - 20
Trade names	9,200		(8,140)		—		1,060		5 - 12
Patents	2,322		(1,463)		—		859		2 - 20
Total intangible assets, net	$	365,074	$	(164,297)	$	(1,352)	$	199,425

 

	December 31, 2023
	Gross carrying amount (1)		Accumulated amortization		Foreign currency exchange rate fluctuations		Net carrying amount		Useful life (years)
	(In thousands, except for years)
Customer relationships	$	307,418	$	(115,232)	$	(1,326)	$	190,860	4 - 30
Acquired technology	84,876		(67,033)		—		17,843		4 - 20
Backlog	1,800		(1,800)		—		—		2
Trade names	9,200		(7,680)		—		1,520		5 - 12
Patents	2,404		(1,454)		—		950		2 - 20
Total intangible assets, net	$	405,698	$	(193,199)	$	(1,326)	$	211,173

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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.

Amortization expense of intangible assets was $5.7 million and $8.1 million for the three months ended June 30, 2024 and 2023, respectively, and $11.7 million and $16.4 million for the six months ended June 30, 2024 and 2023, respectively.

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

	June 30, 2024
	(In thousands)
Remaining six months of 2024	$	11,066
2025	21,063
2026	18,076
2027	16,225
2028	15,184
Thereafter	117,811
Total	$	199,425