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Goodwill
 9 Months Ended
Sep. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill

5. Goodwill

The following table sets forth the changes in the carrying amount of goodwill:

 

 

(in thousands)

 

Balance as of December 31, 2024 (1)

 

$

3,678,504

 

Acquisitions

 

 

317,972

 

Balance as of September 30, 2025 (1)

 

$

3,996,476

 

 

 

(1) Goodwill is presented net of historical accumulated impairment losses of $44.6 million.

In 2025, the change in the carrying amount of goodwill is attributable to the acquisitions completed during the period. As of September 30, 2025, no impairment triggering events have occurred. The amount allocated to goodwill is attributable to the assembled workforce, synergies and expected growth from the expanded product and service offerings of acquisitions. The goodwill recognized from the current year acquisitions is expected to be deductible and amortized ratably over a 15-year period for tax purposes.