Goodwill and Other Intangible Assets

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

The Company has the following operating segments: Banking and Retail. This is described in further detail in Note 19, and is consistent with how the Chief Executive Officer, the chief operating decision maker (CODM), makes key operating decisions, allocates resources, and assesses the performance of the business.

The excess of the Successor’s reorganization value over the fair value of identified tangible and intangible assets as of the Emergence Date is reported separately on the Company’s condensed consolidated balance sheets as goodwill.

The changes in the carrying amount of goodwill for the three months ended March 31, 2024 (Successor):


	Banking		Retail		Total
Goodwill, balance at January 1, 2024 (Successor)	$	471.4	$	145.3	$	616.7
Currency translation adjustment	(8.0)		(2.5)		(10.5)
Goodwill, balance at March 31, 2024 (Successor)	$	463.4	$	142.8	$	606.2

The following summarizes information on Intangible assets by major category:


		Successor
		March 31, 2024						December 31, 2023
	Weighted-average remaining useful lives	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer relationships	17.0 years	$	545.4	$	(20.4)	$	525.0	$	555.5	$	(12.5)	$	543.0

Trademarks and trade names	18.0 years	117.2		(4.1)		113.1		118.8		(2.6)		116.2
Capitalized software development	7.7 years	26.3		(1.7)		24.6		22.0		(1.1)		20.9
Technology know-how and development costs non-software	6.0 years	190.8		(20.3)		170.5		193.3		(12.5)		180.8
Other intangibles	1.5 years	41.7		(16.8)		24.9		40.6		(10.2)		30.4
Other intangible assets, net		376.0		(42.9)		333.1		374.7		(26.4)		348.3
Total		$	921.4	$	(63.3)	$	858.1	$	930.2	$	(38.9)	$	891.3

Costs incurred for the development of external-use software that will be sold, leased or otherwise marketed are capitalized when technological feasibility has been established. These costs are included within other assets and are amortized on a straight-line basis over the estimated useful lives ranging from three to five years. Amortization begins when the product is available for general release. Costs capitalized include direct labor and related overhead costs. Costs incurred prior to technological feasibility or after general release are expensed as incurred. The Company performs periodic reviews to ensure that unamortized program costs remain recoverable from future revenue. If future revenue does not support the unamortized program costs, the amount by which the unamortized capitalized cost of a software product exceeds the net realizable value is impaired.

The following table identifies the activity relating to total capitalized software development:


	2024
Beginning balance as of January 1 (Successor)	$	20.9
Capitalization	4.7
Amortization	(0.7)
Other	(0.3)
Ending balance as of March 31 (Successor)	24.6


	2023
Beginning balance as of January 1 (Predecessor)	$	42.5
Capitalization	5.4
Amortization	(4.7)
Other	0.5
Ending balance as of March 31 (Predecessor)	$	43.7

The Company's total amortization expense, excluding amounts related to deferred financing costs, was $26.4 and $23.3 for the three months ended March 31, 2024 (Successor) and 2023 (Predecessor), respectively.