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Goodwill and Intangible Assets
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets

Note 9—Goodwill and Intangible Assets

The following table summarizes changes in goodwill (in millions):

Balance at December 31, 2023

 

$

8,969.5

 

Acquisitions completed in the current year

 

 

325.7

 

Adjustments to prior acquisitions

 

 

0.8

 

Effect of foreign currency translation

 

 

(77.9

)

Balance at December 31, 2024

 

$

9,218.1

 

Acquisitions completed in the current year

 

 

589.2

 

Adjustments to prior acquisitions

 

 

(0.1

)

Effect of foreign currency translation

 

 

184.1

 

Balance at December 31, 2025

 

$

9,991.3

 

A summary of the components of intangible assets is as follows (in millions):

 

 

December 31,

 

 

 

2025

 

 

2024

 

 

 

Gross Amount

 

Accumulated Amortization

 

Net Amount

 

 

Gross Amount

 

Accumulated Amortization

 

Net Amount

 

Customer relationships

 

$

5,791.5

 

$

(3,186.6

)

$

2,604.9

 

 

$

5,280.2

 

$

(2,796.1

)

$

2,484.1

 

Completed technology

 

 

1,851.7

 

 

(1,328.2

)

 

523.5

 

 

 

1,746.4

 

 

(1,210.1

)

 

536.3

 

Trade names

 

 

304.2

 

 

(194.8

)

 

109.4

 

 

 

285.4

 

 

(174.6

)

 

110.8

 

Total intangible assets

 

$

7,947.4

 

$

(4,709.6

)

$

3,237.8

 

 

$

7,312.0

 

$

(4,180.8

)

$

3,131.2

 

Total estimated amortization expense, related to intangible assets, for each of the next five years and thereafter, as of December 31, 2025, is expected to approximate (in millions):

Year Ending December 31,

 

 

 

2026

 

$

489.1

 

2027

 

 

481.2

 

2028

 

 

405.3

 

2029

 

 

369.0

 

2030

 

 

336.8

 

Thereafter

 

 

1,156.4

 

Total

 

$

3,237.8

 

Amortization expense associated with customer relationships, completed technology and other amortizable intangible assets was $483.9 million, $482.2 million and $505.3 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Net capitalized software costs of $505.2 million and $390.4 million are included in the December 31, 2025 and 2024 Consolidated Balance Sheets, respectively, under “Intangible and other assets”. Accumulated amortization related to capitalized software costs totaled $577.5 million and $422.8 million as of December 31, 2025 and 2024, respectively.

Amortization expense related to capitalized software development costs was $148.7 million, $124.4 million and $91.3 million for each of the years ended December 31, 2025, 2024, and 2023, respectively.