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Intangible Assets | 6 Months Ended
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Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract] |
Intangible Assets | 6. Intangible Assets The following table presents intangible assets as of:
|  | June 30, 2022 |  |  | December 31, 2021 |
|  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Gross Carrying Amount |  |  | Accumulated Amortization |
|  | (in thousands) |
Customer relationships |  | $ | 1,846,465 |  |  | $ | (451,948 | ) |  | $ | 1,781,264 |  |  | $ | (328,540 | )
Trade names |  |  | 201,861 |  |  |  | (159,987 | ) |  |  | 201,861 |  |  |  | (155,141 | )
Subcontractor relationships |  |  | 5,440 |  |  |  | (4,664 | ) |  |  | 5,440 |  |  |  | (3,757 | )
Non-compete agreements |  |  | 14,919 |  |  |  | (4,458 | ) |  |  | 13,519 |  |  |  | (3,243 | )
Developed technology |  |  | 95,600 |  |  |  | (8,986 | ) |  |  | 95,600 |  |  |  | (3,594 | )
Total intangible assets |  | $ | 2,164,285 |  |  | $ | (630,043 | ) |  | $ | 2,097,684 |  |  | $ | (494,275 | )
In connection with the current year acquisitions, we recorded intangible assets of $66.6 million , which includes $65.2 million of customer relationships and $1.4 million of non-compete agreements. The weighted average useful lives of the current year acquired intangible assets are 5.6 years in total, 5.6 years for customer relationships and 5.0 years for non-compete agreements. The fair value of acquired customer relationship intangible assets was primarily estimated by applying the multi-period excess earnings method, which involved the use of significant estimates and assumptions primarily related to forecasted revenue growth rates, gross margin, contributory asset charges, customer attrition rates, and market-participant discount rates. These measures are based on significant Level 3 inputs not observable in the market. Key assumptions developed based on the Company’s historical experience, future projections and comparable market data include future cash flows, long-term growth rates, attrition rates and discount rates. During the three and six months ended June 30, 2022, we recorded amortization expense in relation to the above-listed intangible assets of $70.1 million and $135.8 million , respectively. During the three and six months ended June 30, 2021, we recorded amortization expense in relation to the above-listed intangible assets of $80.6 million and $169.3 million, respectively. The following table presents the estimated amortization expense (in thousands) for intangible assets for the years ending December 31:
|  | (in thousands) |
2022 (from July 1, 2022) |  | $ | 138,191 |
2023 |  |  | 245,578 |
2024 |  |  | 214,437 |
2025 |  |  | 183,846 |
2026 |  |  | 160,842 |
Thereafter |  |  | 591,348 |
Total future net intangible amortization expense |  | $ | 1,534,242 |

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- Definition The entire disclosure for all or part of the information related to intangible assets. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -URI https://asc.fasb.org/subtopic&trid=2144471 + Details
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