Company: PAYC
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0000950170-25-024136
Chunk: 120

Company: Paycom Software, Inc.
Filing Date: 2025-02-20
Form: 10-K
Item: Item 1B
Chunk 120
---
.2

        $
        (14.0
        )
         
        $
        46.2

        Total

        $
        60.2

        $
        (14.0
        )
         
        $
        46.2

        December 31, 2023

        Weighted Average Remaining

        Accumulated

        Useful Life
         
        Gross

        Amortization

        Net

        (Years)

        Intangibles:

        Naming rights
         
        12.8
         
        $
        60.2

        $
        (10.1
        )
         
        $
        50.1

        Total

        $
        60.2

        $
        (10.1
        )
         
        $
        50.1

      Amortization of intangible assets for the years ended December 31, 2024, 2023 and 2022 was $3.9 million, $3.9 million and $4.0 million, respectively. We estimate the aggregate amortization expense will be $3.9 million in 2025, and $3.9 million for each of 2026, 2027, 2028 and 2029, respectively.

5.LEASESThe Company’s leases primarily consist of noncancellable operating leases for office space with contractual terms expiring from 2025 to 2031. All of our leases are operating leases. The lease term is defined as the fixed noncancellable term of the lease plus all periods, if any, for which failure to renew the lease imposes a penalty on us in an amount that appears, at the inception of the lease, to be reasonably assured. While some of our leases include an option to extend the lease up to five years, it is not reasonably certain that any such options will be exercised. Some of our leases contain a termination option that is not reasonably certain to be exercised. If a termination option is exercised, we remeasure the lease asset in the consolidated balance sheets using the updated lease period. None of our leases contain residual value guarantees, substantial restrictions or covenants.The table below presents the lease assets and liabilities as of December 31, 2024 and December 31, 2023.

        Balance Sheet location
         
        December 31, 2024

        December 31, 2023

        Operating lease right-of-use assets
         
        $