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Identifiable Intangible Assets and Goodwill | 6 Months Ended
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Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Identifiable Intangible Assets and Goodwill | Identifiable Intangible Assets and Goodwill The Company's identifiable intangible assets represent intangible assets acquired in acquisitions and software development costs. The components of identifiable intangible assets are:
(in thousands) | June 30, 2024 |  | December 31, 2023 |  |  |  | Estimated Useful Life |  | Weighted-Average Amortization Period
Acquired developed technology | $ | 138,000 |  |  | $ | 119,800 |  |  |  |  | 3 - 7 years |  | 4.59 years
Internally developed software costs | 36,605 |  |  | 34,735 |  |  |  |  | 3 years |  | 2.64 years
Customer relationships | 53,910 |  |  | 14,510 |  |  |  |  | 5 - 15 years |  | 8.66 years
Trade names | 1,410 |  |  | 1,410 |  |  |  |  | 2 - 5 years |  | 0.5 years
Non-competition agreements | 3,530 |  |  | 30 |  |  |  |  | 1 - 5 years |  | 4.75 years
| 233,455 |  |  | 170,485 |  |  |  |  |  |  |
Impact of currency translation on intangible assets | 623 |  |  | 1,399 |  |  |  |  |  |  |
Less: accumulated amortization | (101,106) |  |  | (87,001) |  |  |  |  |  |  |
| 132,972 |  |  | 84,883 |  |  |  |  |  |  |
Internally developed software costs not meeting general release threshold | 3,720 |  |  | 2,886 |  |  |  |  |  |  |
Trademarks, trade names (non-amortizable) | 11,600 |  |  | 6,200 |  |  |  |  | Indefinite |  |
| $ | 148,292 |  |  | $ | 93,969 |  |  |  |  |  |  |
Software costs placed into service during the three months ended June 30, 2024 and 2023, were $1.5 million and $1.4 million, respectively. Software costs placed into service during the six months ended June 30, 2024 and 2023, were $1.9 million and $2.2 million, respectively. The following table summarizes amortization expense for acquired developed technology and internally developed software:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
(in thousands) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Amortization of acquired developed technology |  | $ | 4,717 |  |  | $ | 4,092 |  |  | $ | 8,968 |  |  | $ | 8,171 |
Amortization of internally developed software |  | 1,192 |  |  | 1,507 |  |  | 2,423 |  |  | 3,147 |
Amortization of identifiable intangible assets recorded in cost of sales |  | 5,909 |  |  | 5,599 |  |  | 11,391 |  |  | 11,318 |
Amortization expense recorded in operating expenses |  | 1,946 |  |  | 465 |  |  | 2,878 |  |  | 929 |
Impact of foreign currency translation on intangible assets |  | (29) |  |  | (212) |  |  | 611 |  |  | (341) |
The expected future amortization of intangible assets, assuming straight-line amortization of capitalized software development costs and acquisition related intangibles, excluding software development costs not meeting the general release threshold is:
(in thousands) |
2024, remaining | $ | 15,424 |
2025 | 29,447 |
2026 | 27,435 |
2027 | 23,335 |
2028 | 13,584 |
Thereafter | 23,747 |
Total | $ | 132,972 |
Goodwill carried is as follows:
(in thousands) | 2024 |  | 2023 |
Beginning balance - January 1 | $ | 488,918 |  |  | $ | 486,026 |  |
Stuzo Acquisition | 137,008 |  |  | — |  |
Foreign currency translation | (2,051) |  |  | 885 |  |
Ending balance - June 30 | $ | 623,875 |  |  | $ | 486,911 |  |

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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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