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Software Development Costs | 12 Months Ended
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Dec. 31, 2022
Research and Development [Abstract] |
Software Development Costs | Software Development Costs The components of software development costs, net of accumulated amortization are as follows:
|  | December 31,
|  | 2022 |  | 2021
|  | (in thousands)
Software development costs |  | $ | 308,482 |  |  | $ | 270,672 |
Accumulated amortization |  | (166,649) |  |  | (114,469) |
Software development costs, net of accumulated amortization |  | $ | 141,833 |  |  | $ | 156,203 |
Capitalized software development costs and amortization expense are as follows:
|  | Year Ended
|  | December 31,
|  | 2022 |  | 2021 |  | 2020
|  | (in thousands)
Software development costs capitalized (1) |  | $ | 37,810 |  |  | $ | 34,470 |  |  | $ | 31,046 |
Amortization expense related to capitalized software development costs |  | $ | 52,180 |  |  | $ | 47,116 |  |  | $ | 36,102 |
(1)Software development costs capitalized does not include acquired software development costs. See Note 4 – Acquisitions. Non-capitalized software costs and routine maintenance costs are expensed as incurred and are included in employee compensation and benefits and professional fees on the consolidated statements of income. The estimated annual future amortization for software development costs through December 31, 2027 is as follows:
|  | Amount
|  | (in thousands)
2023 |  | $ | 47,730 |
2024 |  | $ | 36,648 |
2025 |  | $ | 24,691 |
2026 |  | $ | 18,722 |
2027 |  | $ | 14,042 |

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- Definition The entire disclosure for research, development, and computer software activities, including contracts and arrangements to be performed for others and with federal government. Includes costs incurred (1) in a planned search or critical investigation aimed at discovery of new knowledge with the hope that such knowledge will be useful in developing a new product or service, a new process or technique, or in bringing about a significant improvement to an existing product or process; or (2) to translate research findings or other knowledge into a plan or design for a new product or process or for a significant improvement to an existing product or process whether intended for sale or the entity's use, during the reporting period charged to research and development projects, including the costs of developing computer software up to the point in time of achieving technological feasibility and in-process research and development acquired in a business combination consummated during the period. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 985 -SubTopic 730 -URI https://asc.fasb.org/subtopic&trid=2197926 + Details
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