| Goodwill and Other Intangible Assets |
7.GOODWILL AND OTHER INTANGIBLE ASSETS
The following table provides a summary of goodwill activity:
|
|
|
|
|
|
|
Goodwill |
|
Balance at December 31, 2021 |
|
$ |
1,309,267 |
|
Measurement period adjustments |
|
|
7,019 |
|
Impact of exchange rate changes |
|
|
(1,302 |
) |
Balance at December 31, 2022 |
|
$ |
1,314,984 |
|
Acquisitions |
|
|
330,977 |
|
Impact of exchange rate changes |
|
|
521 |
|
Balance at December 31, 2023 |
|
$ |
1,646,482 |
|
The net carrying amount of finite-lived intangible assets are shown in the table below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2023 |
|
|
As of December 31, 2022 |
|
|
|
Cost |
|
Accumulated Amortization |
|
Net Carrying Amount |
|
|
Cost |
|
Accumulated Amortization |
|
Net Carrying Amount |
|
Customer relationships |
|
$ |
1,138,875 |
|
$ |
(566,459 |
) |
$ |
572,416 |
|
|
$ |
925,722 |
|
$ |
(468,592 |
) |
$ |
457,130 |
|
Trade names |
|
|
23,669 |
|
|
(22,447 |
) |
|
1,222 |
|
|
|
22,462 |
|
|
(19,502 |
) |
|
2,960 |
|
Internally developed software |
|
|
56,704 |
|
|
(19,672 |
) |
|
37,032 |
|
|
|
39,627 |
|
|
(13,273 |
) |
|
26,354 |
|
Total |
|
$ |
1,219,248 |
|
$ |
(608,578 |
) |
$ |
610,670 |
|
|
$ |
987,811 |
|
$ |
(501,367 |
) |
$ |
486,444 |
|
The value of internally developed software in development but not yet placed in service was $18.1 million and $11.2 million as of December 31, 2023 and 2022, respectively.
The aggregate amortization expense from finite-lived intangible assets was $106.8 million and $103.6 million for the years ended December 31, 2023 and 2022, respectively. The estimated future amortization for finite-lived intangible assets as of December 31, 2023 was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer Relationships |
|
Trade Names |
|
Internally Developed Software |
|
2024 |
|
$ |
99,232 |
|
$ |
1,222 |
|
$ |
8,584 |
|
2025 |
|
|
87,464 |
|
|
— |
|
|
8,839 |
|
2026 |
|
|
75,545 |
|
|
— |
|
|
7,054 |
|
2027 |
|
|
63,692 |
|
|
— |
|
|
6,306 |
|
2028 |
|
|
55,119 |
|
|
— |
|
|
4,852 |
|
Thereafter |
|
|
191,364 |
|
|
— |
|
|
1,397 |
|
Total |
|
$ |
572,416 |
|
$ |
1,222 |
|
$ |
37,032 |
|
|