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Identifiable Intangible Assets and Goodwill | 12 Months Ended
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Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Identifiable Intangible Assets and Goodwill | Identifiable Intangible Assets and Goodwill The components of identifiable intangible assets are:
| December 31, |  |
(in thousands) | 2024 |  | 2023 | Estimated Useful Life | Weighted-Average Amortization Period
Acquired developed technology | $ | 181,600 |  |  | $ | 119,800 |  | 3 - 7 years | 4.28 years
Internally developed software costs | 42,353 |  |  | 34,735 |  | 3 years | 2.63 years
Customer relationships | 115,910 |  |  | 14,510 |  | 5 - 15 years | 9.00 years
Trade names | 3,210 |  |  | 1,410 |  | 2 - 8 years | 7.58 years
Non-competition agreements | 7,230 |  |  | 30 |  | 1 - 5 years | 4.25 years
| 350,303 |  |  | 170,485 |  |  |
Impact of currency translation on intangible assets | (5,557) |  |  | 1,399 |  |  |
Less: accumulated amortization | (119,900) |  |  | (87,001) |  |  |
| $ | 224,846 |  |  | $ | 84,883 |  |  |
Internally developed software costs not meeting general release threshold | 1,287 |  |  | 2,886 |  |  |
Trademarks, trade names (non-amortizable) | 11,200 |  |  | 6,200 |  | Indefinite |
| $ | 237,333 |  |  | $ | 93,969 |  |  |
Internally developed software costs not meeting general release threshold will be ready for their intended use within the next 12 months. Software costs placed into service during the years ended December 31, 2024 and 2023 were $7.6 million and $4.6 million, respectively. Annual amortization charged to cost of sales is computed using the straight-line method over the remaining estimated economic life of the product, generally three years. The expected future amortization of intangible assets, assuming straight-line amortization of capitalized software development costs and acquisition related intangibles, excluding software costs not meeting the general release threshold, is as follows:
(in thousands) |
2025 | $ | 42,738 |
2026 | 40,726 |
2027 | 36,239 |
2028 | 24,958 |
2029 | 18,061 |
Thereafter | 62,124 |
Total | $ | 224,846 |
Amortization expense for identifiable intangible assets was allocated as follows:
(in thousands) | 2024 |  | 2023 |  | 2022
Amortization of acquired developed technology | $ | 20,500 |  |  | $ | 16,281 |  |  | $ | 15,307 |
Amortization of internally developed software | 4,982 |  |  | 6,167 |  |  | 6,349 |
Amortization of identifiable intangible assets recorded in cost of sales | $ | 25,482 |  |  | $ | 22,448 |  |  | $ | 21,656 |
Amortization expense recorded in operating expense | 8,452 |  |  | 1,858 |  |  | 1,863 |
Impact of currency translation on intangible assets | 359 |  |  | (909) |  |  | (304) |
The following table presents the goodwill activities for the periods presented:
(in thousands) |  |
Beginning balance - December 31, 2022 |  | $ | 486,026 |
Foreign currency translation |  | 2,892 |
Balance - December 31, 2023 |  | 488,918 |
Stuzo Acquisition |  | 134,112 |
TASK Group Acquisition |  | 182,042 |
Delaget Acquisition |  | 97,017 |
Foreign currency translation |  | (14,630) |
Ending balance - December 31, 2024 |  | $ | 887,459 |
Refer to "Note 2 - Acquisitions" for additional information on goodwill recognized in acquisitions

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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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