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Intangible assets | 3 Months Ended
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Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract] |
Intangible assets | Intangible assets The carrying amount of Intangible Assets as of March 31, 2025 and December 31, 2024 is as follows:
| March 31, 2025 | December 31, 2024
| (in thousands)
Cost |  |
Customer relationships | $ | 4,131,176 |  | $ | 4,129,501 |
Order backlog | 544,618 |  | 543,933 |
Trade names & brands | 204,631 |  | 204,588 |
Patient database | 170,409 |  | 170,324 |
Technology assets | 151,010 |  | 150,658 |
Total cost | 5,201,844 |  | 5,199,004 |
Accumulated amortization | (1,700,537) |  | (1,639,212) |
Net book value | $ | 3,501,307 |  | $ | 3,559,792 |
In the three months ended March 31, 2025, the amortization expense recognized by the Company was $58.9 million (three months ended March 31, 2024: $116.5 million and ye ar ended December 31, 2024: $350.3 million). The decrease in amortization is due to the order backlog and trade name intangible assets recognized in connection with the merger of Indigo Merger Sub, Inc., a Delaware corporation and subsidiary of ICON, with and into PRA Health Sciences, Inc., the parent of PRA Health Sciences on July 1, 2021 ("PRA Merger") amounting to $500.0 million and $202.0 million respectively as of the date of acquisition, becoming fully amortized on July 1, 2024. There were no additions to intangible assets during the three months ended March 31, 2025. On August 19, 2024, the Company acquired KCR. The acquisition resulted in the recognition of intangible assets of $45.1 million, comprising customer relationships of $41.4 million and order backlog of $3.7 million. The purchase price allocation, as of the date of acquisition, was based on a preliminary valuation and may be subject to revision. Refer to note 5. Goodwill for further details. On January 9, 2024, the Company acquired HumanFirst. The acquisition resulted in the recognition of a developed technology intangible asset of $9.9 million. Refer to note 5. Goodwill for further details.

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