Intangible Assets

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

6. Intangible Assets

The following table presents intangible assets as of:


	March 31, 2023					December 31, 2022
	Gross Carrying Amount		Accumulated Amortization			Gross Carrying Amount		Accumulated Amortization
	(in thousands)
Customer relationships	$	2,056,655	$	(685,565	)	$	2,029,955	$	(606,532	)
Trade names		201,861		(167,061	)		201,861		(164,797	)
Subcontractor relationships		5,440		(5,440	)		5,440		(5,440	)
Non-compete agreements		14,919		(6,287	)		14,919		(5,685	)
Developed technology		95,600		(17,073	)		95,600		(14,377	)
Total intangible assets	$	2,374,475	$	(881,426	)	$	2,347,775	$	(796,831	)

In connection with the current year acquisition, we recorded customer relationships intangible assets of $26.7 million. The weighted average useful life of the current year acquired intangible assets is 9.3 years. 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 months ended March 31, 2023 and three months ended March 31, 2022, we recorded amortization expense in relation to the above-listed intangible assets of $84.6 million and $65.7 million, respectively.

The following table presents the estimated amortization expense for intangible assets for the years ending December 31:


	(in thousands)
2023 (from Apr 1, 2023)	$	246,170
2024		267,954
2025		194,660
2026		170,185
2027		148,947
Thereafter		465,133
Total future net intangible amortization expense	$	1,493,049