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Intangible Assets | 3 Months Ended
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Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract] |
Intangible Assets | 6. Intangible Assets The following table presents intangible assets as of:
|  | March 31, 2025 |  |  | December 31, 2024 |
|  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Gross Carrying Amount |  |  | Accumulated Amortization |
|  | (in thousands) |
Customer relationships |  | $ | 2,495,529 |  |  | $ | (1,266,197 | ) |  | $ | 2,216,578 |  |  | $ | (1,198,125 | )
Developed technology |  |  | 95,600 |  |  |  | (38,542 | ) |  |  | 95,600 |  |  |  | (35,887 | )
Trade names |  |  | 73,500 |  |  |  | (45,535 | ) |  |  | 64,500 |  |  |  | (43,483 | )
Non-compete agreements |  |  | 13,050 |  |  |  | (9,108 | ) |  |  | 13,050 |  |  |  | (8,599 | )
Total intangible assets |  | $ | 2,677,679 |  |  | $ | (1,359,382 | ) |  | $ | 2,389,728 |  |  | $ | (1,286,094 | )
In connection with the current year acquisitions, we recorded intangible assets of $288.0 million, which includes $279.0 million of customer relationships and $9.0 million of trade names. The weighted average useful life of the current year acquired intangible assets is 11.4 years in total, 11.6 years for customer relationships and 3.0 years for trade names. 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, 2025, and March 31, 2024, we recorded amortization expense in relation to the above-listed intangible assets of $73.3 million and $79.9 million, respectively. The following table presents the estimated amortization expense for intangible assets for the years ending December 31:
|  | (in thousands) |
2025 (from April 1, 2025) |  | $ | 215,454 |
2026 |  |  | 254,830 |
2027 |  |  | 195,763 |
2028 |  |  | 150,289 |
2029 |  |  | 96,507 |
Thereafter |  |  | 405,454 |
Total future intangible amortization expense |  | $ | 1,318,297 |

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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 -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482665/350-30-50-4 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482665/350-30-50-3 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 985 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481283/985-20-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 985 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/985-20/tableOfContent + Details
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