Goodwill and Intangible Assets
The gross carrying amount of goodwill was as follows (in thousands):
Balance at December 31, 2024$1,716,323 
Foreign exchange113,017 
Balance at December 31, 2025$1,829,340 
The gross carrying amounts and net book values of our intangible assets were as follows (in thousands):
December 31, 2025December 31, 2024
Remaining
Weighted-
Average Useful
Life
(In years)
Gross
Carrying
Amount
Accumulated
Amortization
Net Book
Value
Gross
Carrying
Amount
Accumulated
Amortization
Net Book
Value
Acquired developed technologies6.8$8,194,656 $(3,765,146)$4,429,510 $7,699,423 $(2,943,728)$4,755,695 
Manufacturing contracts12,578 (12,578)— 11,121 (11,121)— 
Trademarks2,904 (2,904)— 2,868 (2,868)— 
Total finite-lived intangible assets$8,210,138 $(3,780,628)$4,429,510 $7,713,412 $(2,957,717)$4,755,695 
The increase in the gross carrying amount of intangible assets as of December 31, 2025 compared to December 31, 2024 primarily relates to the positive impact of foreign currency translation adjustments due to the strengthening of sterling against the U.S. dollar.
The assumptions and estimates used to determine future cash flows and remaining useful lives of our intangible and other long-lived assets are complex and subjective. They can be affected by various factors, including external factors, such as industry and economic trends, and internal factors such as changes in our business strategy and our forecasts for specific product lines.
Based on finite-lived intangible assets recorded as of December 31, 2025, and assuming the underlying assets will not be impaired and that we will not change the expected lives of any other assets, future amortization expenses were estimated as follows (in thousands):
Year Ending December 31,Estimated Amortization Expense
2026$683,211 
2027673,586 
2028649,535 
2029647,270 
2030586,093 
Thereafter1,189,815 
Total$4,429,510 

Historical Timeline

Fiscal YearFiled
2025Feb 24, 2026Showing above
2024Feb 26, 2025
2023Feb 28, 2024
2022Mar 1, 2023
2021Mar 1, 2022
2020Feb 23, 2021
2019Feb 25, 2020
2018Feb 26, 2019
2017Feb 27, 2018
2016Feb 28, 2017
2015Feb 23, 2016

About Goodwill & Intangibles Disclosures

Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.

Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.