Goodwill and Other Intangibles

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

8 Goodwill and Other Intangibles

The carrying amount of goodwill was $1.3 billion and $430 million at December 31, 2023 and 2022, respectively. The acquisition of Wyatt increased goodwill by $864 million, while the effect of foreign currency translation increased goodwill by $10 million.

The Company’s intangible assets included in the consolidated balance sheets are detailed as follows (dollars in thousands):


	December 31, 2023						December 31, 2022
	Gross Carrying Amount		Accumulated Amortization		Weighted- Average Amortization Period		Gross Carrying Amount		Accumulated Amortization		Weighted- Average Amortization Period
Capitalized software	$	660,273	$	495,317		5 years	$	589,604	$	441,414		5 years
Purchased intangibles		614,357		197,154		10 years		197,805		166,735		11 years
Trademarks		9,680		—		—		9,680		—		—
Licenses		14,798		8,429		7 years		14,070		6,729		6 years
Patents and other intangibles		111,962		80,983		8 years		104,139		73,021		8 years

Total	$	1,411,070	$	781,883		7 years	$	915,298	$	687,899		7 years

The Company capitalized $468 million, $54 million and $55 million of intangible assets for the years ended December 31, 2023, 2022 and 2021, respectively. The gross carrying value of intangible assets and accumulated amortization for intangible assets increased by $32 million and $18 million, respectively, in the year ended December 31, 2023 due to the effects of foreign currency translation. Amortization expense for intangible assets was $81 million, $58 million and $60

million for the years ended December 31, 2023, 2022 and 2021, respectively. In addition, in the year ended December 31, 2023, the company wrote off a $4 million intangible asset that was fully amortized. Amortization expense for intangible assets is estimated to be $

million per year for each of the next five years.