Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible assets are classified as follows:


	March 31, 2025				December 31, 2024
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Finite-lived intangible assets:
Developed software and core technologies	$	1,147,812	$	(659,307)	$	1,142,840	$	(635,450)
Customer lists	267,657		(98,999)		261,895		(91,769)
Trade names	189,918		(153,203)		189,017		(150,646)
Total	$	1,605,387	$	(911,509)	$	1,593,752	$	(877,865)
Indefinite-lived intangible asset:
Trade name	$	357			$	357

Finite-lived intangible assets are amortized over their estimated useful lives of two years to seventeen years.

As of March 31, 2025, estimated future amortization expense for the intangible assets reflected above was as follows:


(in thousands)
Remainder of 2025	$	86,118
2026	116,278
2027	119,495
2028	113,105
2029	99,233
2030	65,054
Thereafter	94,595
Total intangible assets subject to amortization	693,878
Indefinite-lived trade name	357
Other intangible assets, net	$	694,235

The changes in goodwill during the three months ended March 31, 2025 and 2024 were as follows:


(in thousands)	2025		2024
Beginning balance – January 1	$	3,778,128	$	3,805,874
Acquisitions and adjustments(1)	—		2,872

Currency translation	21,681		(10,887)
Ending balance – March 31	$	3,799,809	$	3,797,859

(1) In accordance with the accounting for business combinations, we recorded adjustments to goodwill for the effect of changes in the provisional fair values of the assets acquired and liabilities assumed during the measurement period (up to one year from the acquisition date) as we obtained new information about facts and circumstances that existed as of the acquisition date that, if known, would have affected the measurement of the amounts recognized as of that date.

During the first quarter of 2025, we completed the annual impairment test for goodwill and the indefinite-lived intangible asset and determined that these assets had not been impaired as of the test date, January 1, 2025. No events or circumstances changed during the three months ended March 31, 2025 that would indicate that the fair values of our reporting unit and indefinite-lived intangible asset are below their carrying amounts.