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Identifiable Intangible Assets and Goodwill | 9 Months Ended
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Sep. 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) | September 30, 2024 |  | December 31, 2023 |  |  |  | Estimated Useful Life |  | Weighted-Average Amortization Period
Acquired developed technology | $ | 173,889 |  |  | $ | 119,800 |  |  |  |  | 3 - 7 years |  | 5.40 years
Internally developed software costs | 37,913 |  |  | 34,735 |  |  |  |  | 3 years |  | 2.76 years
Customer relationships | 101,910 |  |  | 14,510 |  |  |  |  | 5 - 15 years |  | 11.26 years
Trade names | 3,210 |  |  | 1,410 |  |  |  |  | 2 - 8 years |  | 7.73 years
Non-competition agreements | 3,530 |  |  | 30 |  |  |  |  | 1 - 5 years |  | 4.5 years
| 320,452 |  |  | 170,485 |  |  |  |  |  |  |
Impact of currency translation on intangible assets | 1,376 |  |  | 1,399 |  |  |  |  |  |  |
Less: accumulated amortization | (110,900) |  |  | (87,001) |  |  |  |  |  |  |
| 210,928 |  |  | 84,883 |  |  |  |  |  |  |
Internally developed software costs not meeting general release threshold | 3,923 |  |  | 2,886 |  |  |  |  |  |  |
Trademarks, trade names (non-amortizable) | 11,200 |  |  | 6,200 |  |  |  |  | Indefinite |  |
| $ | 226,051 |  |  | $ | 93,969 |  |  |  |  |  |  |
Software costs placed into service during the three months ended September 30, 2024 and 2023, were $1.3 million and $0.3 million, respectively. Software costs placed into service during the nine months ended September 30, 2024 and 2023, were $3.2 million and $2.4 million, respectively. The following table summarizes amortization expense for acquired developed technology and internally developed software:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(in thousands) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Amortization of acquired developed technology |  | $ | 5,660 |  |  | $ | 4,020 |  |  | $ | 14,628 |  |  | $ | 12,160 |
Amortization of internally developed software |  | 1,168 |  |  | 1,460 |  |  | 3,591 |  |  | 4,606 |
Amortization of identifiable intangible assets recorded in cost of sales |  | 6,828 |  |  | 5,480 |  |  | 18,219 |  |  | 16,766 |
Amortization expense recorded in operating expenses |  | 2,699 |  |  | 464 |  |  | 5,577 |  |  | 1,393 |
Impact of foreign currency translation on intangible assets |  | (484) |  |  | 215 |  |  | 126 |  |  | (126) |
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 | $ | 9,910 |
2025 | 38,423 |
2026 | 36,411 |
2027 | 32,163 |
2028 | 22,123 |
Thereafter | 71,898 |
Total | $ | 210,928 |
Goodwill carried is as follows:
(in thousands) | 2024 |  | 2023 |
Beginning balance - January 1 | $ | 488,918 |  |  | $ | 486,026 |  |
Stuzo Acquisition | 136,602 |  |  | — |  |
TASK Group Acquisition | 181,442 |  |  | — |  |
Foreign currency translation | (3,878) |  |  | 311 |  |
Ending balance - September 30 | $ | 803,084 |  |  | $ | 486,337 |  |

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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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