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Goodwill and Intangible Assets | 6 Months Ended
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Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill The following table represents changes in the carrying amount of goodwill:
|  |  |  |  | (In thousands)
Balance as of December 31, 2023 |  |  |  |  | $ | 735,810 |
Foreign currency exchange rate fluctuations |  |  |  |  | (459) |
Balance as of June 30, 2024 |  |  |  |  | $ | 735,351 |
Intangible Assets, Net The carrying amounts and useful lives of intangible assets as of June 30, 2024 and December 31, 2023 were as follows:
| June 30, 2024
| Gross carrying amount (1) |  | Accumulated amortization |  | Foreign currency exchange rate fluctuations |  | Net carrying amount |  | Useful life (years)
| (In thousands, except for years)
Customer relationships | $ | 307,418 |  |  | $ | (124,314) |  |  | $ | (1,352) |  |  | $ | 181,752 |  |  | 4 - 30
Acquired technology | 46,134 |  |  | (30,380) |  |  | — |  |  | 15,754 |  |  | 4 - 20
Trade names | 9,200 |  |  | (8,140) |  |  | — |  |  | 1,060 |  |  | 5 - 12
Patents | 2,322 |  |  | (1,463) |  |  | — |  |  | 859 |  |  | 2 - 20
Total intangible assets, net | $ | 365,074 |  |  | $ | (164,297) |  |  | $ | (1,352) |  |  | $ | 199,425 |  |  |
| December 31, 2023
| Gross carrying amount (1) |  | Accumulated amortization |  | Foreign currency exchange rate fluctuations |  | Net carrying amount |  | Useful life (years)
| (In thousands, except for years)
Customer relationships | $ | 307,418 |  |  | $ | (115,232) |  |  | $ | (1,326) |  |  | $ | 190,860 |  |  | 4 - 30
Acquired technology | 84,876 |  |  | (67,033) |  |  | — |  |  | 17,843 |  |  | 4 - 20
Backlog | 1,800 |  |  | (1,800) |  |  | — |  |  | — |  |  | 2
Trade names | 9,200 |  |  | (7,680) |  |  | — |  |  | 1,520 |  |  | 5 - 12
Patents | 2,404 |  |  | (1,454) |  |  | — |  |  | 950 |  |  | 2 - 20
Total intangible assets, net | $ | 405,698 |  |  | $ | (193,199) |  |  | $ | (1,326) |  |  | $ | 211,173 |  |  |
_________________________________________________ (1) The differences in gross carrying amounts between periods are primarily due to the write-off of certain fully amortized intangible assets. Amortization expense of intangible assets was $5.7 million and $8.1 million for the three months ended June 30, 2024 and 2023, respectively, and $11.7 million and $16.4 million for the six months ended June 30, 2024 and 2023, respectively. The estimated future amortization expenses for amortizable intangible assets were as follows:
| June 30, 2024
| (In thousands)
Remaining six months of 2024 | $ | 11,066 |
2025 | 21,063 |
2026 | 18,076 |
2027 | 16,225 |
2028 | 15,184 |
Thereafter | 117,811 |
Total | $ | 199,425 |

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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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