Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

The changes in the carrying amount of goodwill are as follows:


Balance, December 31, 2021	$	1,588,477
Acquisitions	658,806
Foreign currency translation adjustments	(8,426)
Other adjustments	(1,673)
Balance, December 31, 2022	2,237,184
Acquisitions	19,934
Foreign currency translation adjustments	11,732
Other adjustments	486
Balance, December 31, 2023	$	2,269,336

Goodwill consists of the excess of cost over the fair value of net assets acquired in business combinations. Goodwill is not amortized, but instead is tested annually for impairment on October 1, or more frequently if events occur or circumstances change that would more likely than not reduce its fair value below its carrying amount. The Company allocates goodwill to reporting units on a relative fair value basis.

In testing for goodwill impairment, the Company may first qualitatively assess whether it is more likely than not (a likelihood of more than 50 percent) that a goodwill impairment exists. If it is determined that a quantitative assessment is required and the carrying amount exceeds its fair value, the Company will recognize goodwill impairment in the amount in which the carrying amount of the reporting unit exceeds its fair value, but not to exceed the carrying amount of goodwill within the reporting unit. There was no impairment of goodwill as a result of the Company’s annual impairment assessments conducted for the years ended December 31, 2023, 2022, or 2021.

Details of intangible assets other than goodwill are as follows:


		December 31, 2023						December 31, 2022
	Estimated Useful Life	Gross Carrying Amount		Accumulated Amortization		Net Book Value		Gross Carrying Amount		Accumulated Amortization		Net Book Value
Intangible assets subject to amortization:
Software and technology	3-5 years	$	89,693	$	(59,045)	$	30,648	$	92,390	$	(51,938)	$	40,452
Customer relationships	3-10 years	323,442		(142,378)		181,064		323,164		(114,387)		208,777
Trademarks	3-10 years	70,710		(33,709)		37,001		69,803		(26,904)		42,899
Non-compete agreements	5 years	350		(276)		74		350		(207)		143



Total intangible assets		$	484,195	$	(235,408)	$	248,787	$	485,707	$	(193,436)	$	292,271

The aggregate amortization expense for purchased intangible assets with finite lives was reflected in the Company’s consolidated statements of operations as follows:


	Year Ended December 31,
	2023		2022		2021
Cost of subscriptions and licenses	$	12,704	$	12,478	$	8,125
Amortization of purchased intangibles	38,515		41,114		25,601
Total amortization expense	$	51,219	$	53,592	$	33,726

Intangible assets arise from acquisitions and principally consist of goodwill, trademarks, customer relationships, in‑process research and development, and acquired software and technology. Intangible assets, other than goodwill and in‑process research and development, are amortized on a straight‑line basis over their estimated useful lives.

Amortization expense for the years following December 31, 2023 are estimated as follows:


2024	$	46,582
2025	43,494
2026	35,125
2027	27,972
2028	27,276
Thereafter	68,338
	$	248,787