Goodwill and intangible assets

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

The following table presents the changes in goodwill for the year ended December 31, 2023 and the three months ended March 31, 2024:


	For the year ended December 31, 2023	For the three months ended March 31, 2024
Opening balance	1,684,196	1,683,782
Effect of exchange rate fluctuations	(414)	(4,062)
Closing balance	1,683,782	1,679,720

The following table presents the changes in goodwill by reporting unit for the year ended December 31, 2023:


	Financial Services	Consumer and Healthcare	High Tech and Manufacturing	Total
Opening balance	408,736	592,907	682,553	1,684,196
Effect of exchange rate fluctuations	(62)	(127)	(225)	(414)
Closing balance	408,674	592,780	682,328	1,683,782

9. Goodwill and intangible assets (Continued)

The following table presents the changes in goodwill by reporting unit for the three months ended March 31, 2024:


	Financial Services	Consumer and Healthcare	High Tech and Manufacturing	Total
Opening balance	408,674	592,780	682,328	1,683,782
Effect of exchange rate fluctuations	(1,133)	(1,473)	(1,456)	(4,062)
Closing balance	407,541	591,307	680,872	1,679,720

The total amount of goodwill deductible for tax purposes was $263,910 and $256,767 as of December 31, 2023 and March 31, 2024, respectively.

The Company’s intangible assets are as follows:


	As of December 31, 2023						As of March 31, 2024
	Gross carrying amount		Accumulated amortization & Impairment		Net		Gross carrying amount		Accumulated amortization & Impairment		Net
Customer-related intangible assets	$	474,090	$	436,104	$	37,986	$	472,062	$	439,269	$	32,793
Marketing-related intangible assets	97,840		88,648		9,192		97,748		89,850		7,898
Technology-related intangible assets	129,600		123,750		5,850		130,094		124,480		5,614
	$	701,530	$	648,502	$	53,028	$	699,904	$	653,599	$	46,305

Amortization expenses for intangible assets acquired as part of a business combination and disclosed in the consolidated statements of income under amortization of acquired intangible assets for the three months ended March 31, 2023 and 2024 were $8,255 and $6,927, respectively.

Amortization expenses for internally-developed and other intangible assets disclosed in the consolidated statements of income under cost of revenue and selling, general and administrative expenses for the three months ended March 31, 2023 and 2024 were $2,251 and $458, respectively.

During the three months ended March 31, 2023 and 2024, the Company tested for recoverability certain customer-related and technology-related intangible assets, including those under development, and certain property, plant and equipment, as a result of changes in market trends and the Company’s investment strategy, including the Company's decision to cease certain service offerings. Based on the results of this testing, the Company determined that the carrying values of the assets tested were recoverable. There was no impairment expense recorded in the three months ended March 31, 2023 and 2024.