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Intangible Assets | 12 Months Ended
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Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Intangible Assets | 6. Intangible Assets The following table presents intangible assets as of December 31:
|  | 2024 |  |  | 2023 |
|  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Gross Carrying Amount |  |  | Accumulated Amortization |
|  | (in thousands) |
Customer relationships |  | $ | 2,216,578 |  |  | $ | (1,198,125 | ) |  | $ | 2,105,730 |  |  | $ | (912,865 | )
Trade names |  |  | 64,500 |  |  |  | (43,483 | ) |  |  | 64,500 |  |  |  | (36,459 | )
Non-compete agreements |  |  | 13,050 |  |  |  | (8,599 | ) |  |  | 13,050 |  |  |  | (6,223 | )
Developed technology |  |  | 95,600 |  |  |  | (35,887 | ) |  |  | 95,600 |  |  |  | (25,160 | )
Total intangible assets |  | $ | 2,389,728 |  |  | $ | (1,286,094 | ) |  | $ | 2,278,880 |  |  | $ | (980,707 | )
During the years ended December 31, 2024, 2023 and 2022, we recorded amortization expense in relation to the above-listed intangible assets of $305.4 million, $335.7 million and $302.6 million, respectively. We recorded no intangible asset impairment charges for those same years. During 2023 we derecognized certain customer relationships, trade names, non-compete agreements and subcontractor relationships assets as they were fully amortized, resulting in a decrease in the gross carrying amount of the intangible assets and the related accumulated amortization. In connection with the current year acquisitions, we recorded customer relationships intangible assets of $110.8 million. The weighted average useful life of the acquired customer relationships intangible assets is 2.8 years. The fair value of acquired customer relationships intangible assets was primarily estimated by applying the multiperiod 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. The following table presents the estimated amortization expense for intangible assets for the years ending December 31:
|  | (in thousands) |
2025 |  | $ | 252,871 |
2026 |  |  | 220,642 |
2027 |  |  | 164,988 |
2028 |  |  | 124,052 |
2029 |  |  | 71,710 |
Thereafter |  |  | 269,371 |
Total future net intangible amortization expense |  | $ | 1,103,634 |

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