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Cloud Computing Costs

12 Months Ended

Dec. 31, 2023

Research and Development [Abstract]

Cloud Computing Costs

Cloud Computing Costs

Capitalized costs to implement cloud computing arrangements at cost and accumulated amortization were as follows: 

			As of December 31,
(in millions)			2023						2022
Short-term portion			$	26.4					$	18.0
Long-term portion			116.9						87.1
Total capitalized implementation costs			143.3						105.1
Less: accumulated amortization			(36.6)						(17.1)
Capitalized implementation costs, net			$	106.7					$	88.0

Amortization expense is recognized on a straight-line basis over the expected term of the hosting arrangements, which range from three to ten years. Amortization expense was $20.3 million, $12.7 million, and $2.9 million for the years ended December 31, 2023, 2022, and 2021, respectively.

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- References

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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.

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