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Intangible Assets | 12 Months Ended
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Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Intangible Assets | Intangible Assets The carrying amount of Intangible Assets for the years ended December 31, 2023 and 2022 is as follows:
| December 31, 2023 | December 31, 2022
Cost | (in thousands)
Customer relationships | $ | 4,090,393 |  | $ | 4,076,435 |
Order backlog | 541,302 |  | 536,934 |
Trade names & brands | 204,653 |  | 204,621 |
Patient database | 170,366 |  | 170,238 |
Technology assets | 141,257 |  | 120,984 |
Total cost | 5,147,971 |  | 5,109,212 |
Accumulated amortization | (1,292,106) |  | (830,553) |
Net book value | $ | 3,855,865 |  | $ | 4,278,659 |
The amortization expense recognized by the Company was $459.9 million, $463.1 million, and $239.5 million for the twelve months ended December 31, 2023, 2022, and 2021, respectively. On October 2, 2023, the Company acquired the entire outstanding equity interests of BioTel Research LLC (“BioTel”), a leading provider of medical imaging and cardiac safety monitoring services, from BioTelemetry Inc. in exchange for initial cash consideration of $68.1 million. The acquisition resulted in the recognition of intangible assets of $36.4 million, comprising customer relationships of $12.5 million, order backlog of $3.9 million and technology assets of $20.0 million. These assets will be amortized over their expected useful lives of between 3 and 16 years. In total, $1.5 million has been amortized in the period since the date of acquisition. On July 1, 2021, ICON plc announced the completion of its Merger with PRA Health Sciences, Inc. The Merger resulted in the recognition of Customer relationships of $3,938.0 million, Order backlog of $500.0 million, Trade names of $202.0 million, Patient database of $168.0 million and Technology assets of $111.0 million. These assets are being amortized over their expected useful lives of between 3 and 23 years. The valuation of these assets was finalized in June 30, 2022. In total, $1,128.5 million has been amortized in the period since the date of acquisition, $451.4 million has been amortized in the year ended December 31, 2023. Future intangible asset amortization expense for the years ended December 31, 2024 to December 31, 2028 is as follows:
| (in thousands)
2024 | $ | 344,518 |
2025 | 229,106 |
2026 | 214,869 |
2027 | 202,539 |
2028 | 189,539 |
Total | $ | 1,180,571 |

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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 + Details
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