Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

3. GOODWILL AND INTANGIBLE ASSETS

Goodwill. The changes in the carrying amount of goodwill for the first quarter of 2024 were as follows (in thousands):

January 1, 2024, balance	$	308,596
Effects of changes in foreign currency exchange rates		(2,015	)
March 31, 2024, balance	$	306,581

Other Intangible Assets. Our other intangible assets subject to ongoing amortization consist of acquired customer contracts and software. As of March 31, 2024 and December 31, 2023, the carrying values of these assets were as follows (in thousands):

	March 31, 2024							December 31, 2023
	Gross Carrying Amount		Accumulated Amortization			Net Amount		Gross Carrying Amount		Accumulated Amortization			Net Amount
Acquired customer contracts	$	161,250	$	(127,773	)	$	33,477	$	162,348	$	(126,469	)	$	35,879
Software		173,986		(160,580	)		13,406		171,825		(157,601	)		14,224
Total other intangible assets	$	335,236	$	(288,353	)	$	46,883	$	334,173	$	(284,070	)	$	50,103

The total amortization expense related to other intangible assets for the first quarters of 2024 and 2023 were $5.4 million and $6.7 million, respectively. Based on the March 31, 2024 net carrying value of our intangible assets, the estimated total amortization expense for each of the five succeeding fiscal years ending December 31 are: 2024 - $18.6 million; 2025 - $11.9 million; 2026 - $8.0 million; 2027 - $3.2 million; and 2028 - $2.5 million.

Customer Contract Costs. As of March 31, 2024 and December 31, 2023, the carrying values of our customer contract cost assets, related to those contracts with a contractual term greater than one year, were as follows (in thousands):

	March 31, 2024							December 31, 2023
	Gross Carrying Amount		Accumulated Amortization			Net Amount		Gross Carrying Amount		Accumulated Amortization			Net Amount
Customer contract costs	$	94,074	$	(39,539	)	$	54,535	$	96,515	$	(42,094	)	$	54,421

The total amortization expense related to customer contract costs for the first quarters of 2024 and 2023 were $5.0 million and $4.6 million, respectively.