Intangible Assets

9 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

6. Intangible Assets

The following table presents intangible assets as of:


	September 30, 2025					December 31, 2024
	Gross Carrying Amount		Accumulated Amortization			Gross Carrying Amount		Accumulated Amortization
	(in thousands)
Customer relationships	$	2,520,495	$	(1,403,173	)	$	2,216,578	$	(1,198,125	)
Developed technology		95,600		(43,849	)		95,600		(35,887	)
Trade names		73,500		(49,629	)		64,500		(43,483	)
Non-compete agreements		13,050		(10,126	)		13,050		(8,599	)
Total intangible assets	$	2,702,645	$	(1,506,777	)	$	2,389,728	$	(1,286,094	)

In connection with the current year acquisitions, we recorded intangible assets of $312.9 million, which includes $303.9 million of customer relationships and $9.0 million of trade names. The weighted average useful life of the current year acquired intangible assets is 10.7 years in total, 10.9 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 and nine months ended September 30, 2025, we recorded amortization expense in relation to the above-listed intangible assets of $73.5 million and $220.7 million, respectively. During the three and nine months ended September 30, 2024, we recorded amortization expense in relation to the above-listed intangible assets of $76.3 million and $237.2 million, respectively.

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


	(in thousands)
2025 (from October 1, 2025)	$	73,722
2026		264,308
2027		204,085
2028		151,792
2029		96,507
Thereafter		405,454
Total future intangible amortization expense	$	1,195,868