Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Note 9—Goodwill and Intangible Assets

The following table summarizes changes in goodwill (in millions):


Balance at December 31, 2021	$	8,045.5
Acquisitions completed in the current year		1,032.3
Adjustments to prior acquisitions		0.3
Effect of foreign currency translation		(215.1	)
Balance at December 31, 2022	$	8,863.0
Acquisitions completed in the current year		20.4
Adjustments to prior acquisitions		(0.8	)
Effect of foreign currency translation		86.9
Balance at December 31, 2023	$	8,969.5

A summary of the components of intangible assets is as follows (in millions):


	December 31,
	2023							2022
	Gross Amount		Accumulated Amortization			Net Amount		Gross Amount		Accumulated Amortization			Net Amount
Customer relationships	$	5,059.1	$	(2,449.8	)	$	2,609.3	$	5,007.6	$	(2,073.7	)	$	2,933.9
Completed technology		1,630.0		(1,108.9	)		521.1		1,611.0		(983.1	)		627.9
Trade names		279.3		(154.0	)		125.3		276.2		(130.6	)		145.6
Total intangible assets	$	6,968.4	$	(3,712.7	)	$	3,255.7	$	6,894.8	$	(3,187.4	)	$	3,707.4

Total estimated amortization expense, related to intangible assets, for each of the next five years and thereafter, as of December 31, 2023, is expected to approximate (in millions):


Year Ending December 31,
2024	$	490.4
2025		463.2
2026		441.0
2027		415.9
2028		336.7
Thereafter		1,108.5
Total	$	3,255.7

Amortization expense associated with customer relationships, completed technology and other amortizable intangible assets was $505.3 million, $516.4 million and $526.5 million for the years ended December 31, 2023, 2022 and 2021, respectively.

Net capitalized software costs of $325.8 million and $225.5 million are included in the December 31, 2023 and 2022 Consolidated Balance Sheets, respectively, under “Intangible and other assets”.

Amortization expense related to capitalized software development costs was $91.3 million, $78.9 million and $59.8 million for each of the years ended December 31, 2023, 2022, and 2021, respectively.