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Goodwill and Other Intangible Assets | 12 Months Ended
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Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets |
4. Goodwill and Other Intangible Assets
The change in goodwill during 2023 consisted of the following:
(dollars in thousands) | Total
Balance at December 31, 2022 | $ | 1,050,272 |
Adjustments related to prior year business combination(1) | 36 |
Effect of foreign currency translation | 3,430 |
Balance at December 31, 2023 | $ | 1,053,738 |
(1)Represents immaterial measurement period adjustments during the year ended December 31, 2023 to the fair value of the Kilter assets acquired and liabilities assumed. We have recorded intangible assets acquired in various business combinations based on their fair values at the date of acquisition. The table below sets forth the balances of each class of intangible asset and related amortization as of:
| December 31,
(dollars in thousands) | 2023 | 2022
Finite-lived gross carrying amount |  |
Customer relationships | $ | 570,104 |  | $ | 569,009 |
Marketing assets | 71,308 |  | 69,643 |
Developed technology | 182,956 |  | 182,463 |
Content | 17,900 |  | 17,900 |
Total finite-lived gross carrying amount | 842,268 |  | 839,015 |
Accumulated amortization |  |
Customer relationships | (174,982) |  | (146,948) |
Marketing assets | (11,985) |  | (8,371) |
Developed technology | (69,386) |  | (46,571) |
Content | (3,978) |  | (1,989) |
Total accumulated amortization | (260,331) |  | (203,879) |
Intangible assets, net | $ | 581,937 |  | $ | 635,136 |
During the year ended December 31, 2023, changes to the gross carrying amounts of intangible asset classes were primarily related to write-offs of fully amortized intangible assets and the effect of foreign currency translation. Amortization expense Amortization expense related to finite-lived intangible assets acquired in business combinations is allocated to cost of revenue on the consolidated statements of comprehensive income based on the revenue stream to which the asset contributes, except for marketing assets and non-compete agreements, for which the associated amortization expense is included in operating expenses. The following table summarizes amortization expense of our finite-lived intangible assets:
| Years ended December 31,
(dollars in thousands) | 2023 | 2022 | 2021
Included in cost of revenue: |  |  |
Cost of recurring | $ | 51,079 |  | $ | 47,085 |  | $ | 33,132 |
Cost of one-time services and other | 1,384 |  | 1,407 |  | 1,680 |
Total included in cost of revenue | 52,463 |  | 48,492 |  | 34,812 |
Included in operating expenses | 3,139 |  | 2,925 |  | 2,227 |
Total amortization of intangibles from business combinations | $ | 55,602 |  | $ | 51,417 |  | $ | 37,039 |
The following table outlines the estimated future amortization expense for each of the next five years for our finite-lived intangible assets as of December 31, 2023:
Years ending December 31, (dollars in thousands) | Amortization expense
2024 | 62,332 |
2025 | 65,873 |
2026 | 64,234 |
2027 | 60,038 |
2028 | 52,544 |
Total | $ | 305,021 |

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