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Goodwill and Other Intangible Assets | 12 Months Ended
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Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | Note 6. Goodwill and Other Intangible Assets The changes in the carrying amount of goodwill for the years ended December 31, 2024 and 2023 by reportable segment were as follows (in thousands):
|  | First Advantage Americas |  |  | First Advantage International |  |  | Sterling |  |  | Total |
Balance – December 31, 2022 |  | $ | 677,171 |  |  | $ | 115,909 |  |  | $ | — |  |  | $ | 793,080 |
Acquisitions |  |  | 26,519 |  |  |  | — |  |  |  | — |  |  |  | 26,519 |
Foreign currency translation |  |  | 107 |  |  |  | 948 |  |  |  | — |  |  |  | 1,055 |
Balance – December 31, 2023 |  | $ | 703,797 |  |  | $ | 116,857 |  |  | $ | — |  |  | $ | 820,654 |
Acquisition |  |  | — |  |  |  | — |  |  |  | 1,313,365 |  |  |  | 1,313,365 |
Adjustments to initial purchase price allocations |  |  | (368 | ) |  |  | — |  |  |  | — |  |  |  | (368 | )
Foreign currency translation |  |  | (135 | ) |  |  | (2,516 | ) |  |  | (6,472 | ) |  |  | (9,123 | )
Balance – December 31, 2024 |  | $ | 703,294 |  |  | $ | 114,341 |  |  | $ | 1,306,893 |  |  | $ | 2,124,528 |
The following summarizes the gross carrying value and accumulated amortization for the Company’s trade names, customer lists, and other intangible assets as of December 31, 2024 and 2023 (in thousands):
|  | December 31, 2024
|  | Gross Carrying Value |  |  | Accumulated Amortization |  |  | Net Carrying Value |  |  | Useful Life (in years)
Trade names |  | $ | 157,740 |  |  | $ | (39,265 | ) |  | $ | 118,475 |  |  | 5-20 years
Customer lists |  |  | 1,170,327 |  |  |  | (302,632 | ) |  |  | 867,695 |  |  | 13-14 years
Other intangible assets |  |  | 2,400 |  |  |  | (622 | ) |  |  | 1,778 |  |  | 5 years
Total |  | $ | 1,330,467 |  |  | $ | (342,519 | ) |  | $ | 987,948 |  |  |
|  | December 31, 2023
|  | Gross Carrying Value |  |  | Accumulated Amortization |  |  | Net Carrying Value |  |  | Useful Life (in years)
Trade names |  | $ | 96,321 |  |  | $ | (30,092 | ) |  | $ | 66,229 |  |  | 20 years
Customer lists |  |  | 520,105 |  |  |  | (244,577 | ) |  |  | 275,528 |  |  | 13-14 years
Other intangible assets |  |  | 2,400 |  |  |  | (143 | ) |  |  | 2,257 |  |  | 5 years
Total |  | $ | 618,826 |  |  | $ | (274,812 | ) |  | $ | 344,014 |  |  |
Amortization expense of trade names, customer lists, and other intangible assets was approximately $68.7 million, $62.1 million, and $68.3 million, for the years ended December 31, 2024, 2023, and 2022, respectively. Amortization expense relating to trade names, customer lists, and other intangible assets is expected to be as follows (in thousands):
Years Ending December 31, |  |  |
2025 |  | $ | 136,682 |
2026 |  |  | 137,341 |
2027 |  |  | 122,693 |
2028 |  |  | 111,583 |
2029 |  |  | 97,620 |
Thereafter |  |  | 382,029 |
|  | $ | 987,948 |

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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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