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Goodwill and Intangible Assets | 12 Months Ended
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Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | 5. Goodwill and Intangible Assets In 2025, 2024, and 2023, the Company performed a quantitative assessment of all reporting units as of October 1. We utilized a combination of the discounted cash flow analysis or “income approach” (50%) and the “market approach” (50%). Our 2025, 2024, and 2023 goodwill impairment analyses concluded that the fair values of all reporting units were in excess of their carrying amounts. Subsequent to completing our goodwill impairment tests, no further indicators of impairment were identified. Based on these analyses, we recorded no goodwill impairment for the years ended December 31, 2025, 2024, and 2023. The determination of whether the carrying value of the reporting unit exceeds its fair value involves a high degree of estimation and can be affected by a number of industry and company-specific risk factors that are subject to change over time. If actual performance does not achieve the projections, or if the assumptions used change in the future, we may be required to recognize additional impairment charges in future periods. A summary of changes to goodwill is as follows (in thousands):
|  | Goodwill |
|  | Pharmacy Solutions |  |  | Provider Services |  |  | Total |
Goodwill at January 1, 2024* |  | $ | 833,989 |  |  | $ | 1,466,783 |  |  | $ | 2,300,772 |
Goodwill added through acquisitions |  |  | 7,063 |  |  |  | 56,144 |  |  |  | 63,207 |
Measurement period adjustments |  |  | — |  |  |  | 237 |  |  |  | 237 |
Foreign currency adjustments |  |  | — |  |  |  | (332 | ) |  |  | (332 | )
Goodwill at December 31, 2024* |  | $ | 841,052 |  |  | $ | 1,522,832 |  |  | $ | 2,363,884 |
Goodwill added through acquisitions |  |  | — |  |  |  | 181,472 |  |  |  | 181,472 |
Measurement period adjustments |  |  | — |  |  |  | 128 |  |  |  | 128 |
Foreign currency adjustments |  |  | — |  |  |  | 189 |  |  |  | 189 |
Goodwill at December 31, 2025* |  | $ | 841,052 |  |  | $ | 1,704,621 |  |  | $ | 2,545,673 |
* For the periods presented, the carrying amount of goodwill is presented net of accumulated impairment losses of $40.9 million, which were incurred in fiscal year 2022. |
Intangible assets are as follows (in thousands):
|  | December 31, 2025 |  |  | December 31, 2024 |  |  |
|  | Gross |  |  | Accumulated Amortization |  |  | Net Carrying Value |  |  | Gross |  |  | Accumulated Amortization |  |  | Net Carrying Value |  |  | Life (Years)
Customer relationships |  | $ | 502,160 |  |  | $ | 356,146 |  |  | $ | 146,014 |  |  | $ | 542,137 |  |  | $ | 335,647 |  |  | $ | 206,490 |  |  | 5-20
Trade names |  |  | 318,768 |  |  |  | 154,601 |  |  |  | 164,167 |  |  |  | 332,977 |  |  |  | 140,020 |  |  |  | 192,957 |  |  | 2-20
Licenses |  |  | 67,395 |  |  |  | 18,886 |  |  |  | 48,509 |  |  |  | 68,425 |  |  |  | 17,528 |  |  |  | 50,897 |  |  | 10-20
Doctor/payor network |  |  | 5,650 |  |  |  | 4,987 |  |  |  | 663 |  |  |  | 12,730 |  |  |  | 10,965 |  |  |  | 1,765 |  |  | 5-8
Covenants not to compete |  |  | 6,654 |  |  |  | 4,717 |  |  |  | 1,937 |  |  |  | 8,790 |  |  |  | 5,886 |  |  |  | 2,904 |  |  | 2-7
Other intangible assets |  |  | 10,940 |  |  |  | 7,925 |  |  |  | 3,015 |  |  |  | 10,940 |  |  |  | 6,362 |  |  |  | 4,578 |  |  | 5-7
Total definite-lived assets |  | $ | 911,567 |  |  | $ | 547,262 |  |  | $ | 364,305 |  |  | $ | 975,999 |  |  | $ | 516,408 |  |  | $ | 459,591 |  |  |
Licenses |  |  | 193,250 |  |  |  | — |  |  |  | 193,250 |  |  |  | 135,633 |  |  |  | — |  |  |  | 135,633 |  |  | Indefinite
Total intangible assets |  | $ | 1,104,817 |  |  | $ | 547,262 |  |  | $ | 557,555 |  |  | $ | 1,111,632 |  |  | $ | 516,408 |  |  | $ | 595,224 |  |  |
Amortization expense for the years ended December 31, 2025, 2024, and 2023 was $91.1 million, $95.3 million, and $103.3 million, respectively. As of December 31, 2025, total estimated amortization expense for the Company’s definite-lived intangible assets for the next five years and thereafter is as follows (in thousands):
2026 |  | $ | 79,888 |
2027 |  |  | 46,935 |
2028 |  |  | 39,876 |
2029 |  |  | 34,000 |
2030 |  |  | 33,108 |
Thereafter |  |  | 130,498 |
|  | $ | 364,305 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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