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Goodwill and Intangible Assets | 9 Months Ended
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Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | Note 6. Goodwill and Intangible Assets Goodwill The following table presents the changes in the carrying amount of the goodwill for the nine months ended September 30, 2024 (in thousands):
| Amount |
Ending balance as of December 31, 2023 | $ | 2,361,643 |  |
Measurement period adjustment | 234 |  |
Foreign currency translation adjustment | 4,981 |  |
Ending Balance as of September 30, 2024 | $ | 2,366,858 |  |
Goodwill represents the excess of consideration paid over the estimated fair value of net tangible and identifiable intangible assets acquired in business combinations. Intangible Assets The carrying amounts of the intangible assets other than goodwill as of September 30, 2024 and December 31, 2023 are as follows (in thousands):
|  | September 30, 2024 |  | December 31, 2023
| Cost |  | Accumulated Amortization |  | Net |  | Cost |  | Accumulated Amortization |  | Net
Acquired developed and core technology |  | $ | 880,876 |  |  | $ | (874,093) |  |  | $ | 6,783 |  |  | $ | 880,758 |  |  | $ | (871,085) |  |  | $ | 9,673 |
Other intangible assets: |  |  |  |  |  |  |  |  |  |  |  |
Customer relationships |  | 2,159,824 |  |  | (1,575,021) |  |  | 584,803 |  |  | 2,159,179 |  |  | (1,489,398) |  |  | 669,781 |
Trade names and trademark |  | 81,610 |  |  | (81,610) |  |  | — |  |  | 81,651 |  |  | (73,931) |  |  | 7,720 |
Total other intangible assets |  | 2,241,434 |  |  | (1,656,631) |  |  | 584,803 |  |  | 2,240,830 |  |  | (1,563,329) |  |  | 677,501 |
Total intangible assets, net |  | $ | 3,122,310 |  |  | $ | (2,530,724) |  |  | $ | 591,586 |  |  | $ | 3,121,588 |  |  | $ | (2,434,414) |  |  | $ | 687,174 |
The Company amortizes its intangible assets over their remaining estimated useful life using cash flow projections, revenue projections, or the straight-line method. Total amortization expense related to intangible assets was $30.8 million a nd $37.5 million for the three months ended September 30, 2024 and 2023, respectively. Total amortization expense related to intangible assets was $96.3 million an d $111.9 million for the nine months ended September 30, 2024 and 2023, respectively. The allocation of the amortization of intangible assets for the periods indicated below is as follows (in thousands):
| Three Months Ended September 30, |  | Nine months ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Cost of revenues | $ | 947 |  |  | $ | 3,013 |  |  | $ | 3,008 |  |  | $ | 8,776 |
Operating expenses | 29,845 |  |  | 34,481 |  |  | 93,302 |  |  | 103,120 |
Total amortization of intangible assets | $ | 30,792 |  |  | $ | 37,494 |  |  | $ | 96,310 |  |  | $ | 111,896 |
Certain intangible assets are recorded in foreign currencies; and therefore, the gross carrying amount and accumulated amortization are subject to foreign currency translation adjustments. As of September 30, 2024, the amortization expense related to identifiable intangible assets in future periods is expected to be as follows (in thousands):
| Customer Relationships Intangible Asset |  | Other Intangible Assets |  | Total Intangible Assets
Remaining 2024 | $ | 28,644 |  |  | $ | 900 |  |  | $ | 29,544 |
2025 | 100,041 |  |  | 2,158 |  |  | 102,199 |
2026 | 86,973 |  |  | 1,457 |  |  | 88,430 |
2027 | 75,461 |  |  | 716 |  |  | 76,177 |
2028 | 65,563 |  |  | 560 |  |  | 66,123 |
Thereafter | 228,121 |  |  | 992 |  |  | 229,113 |
Total expected amortization expense | $ | 584,803 |  |  | $ | 6,783 |  |  | $ | 591,586 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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