Goodwill, Trade Names, Customer Lists and Other Intangible Assets

3 Months Ended

Mar. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill, Trade Names, Customer Lists and Other Intangible Assets

Note 5. Goodwill and Other Intangible Assets

The changes in the carrying amount of goodwill for the three months ended March 31, 2025 by reportable segment were as follows (in thousands):


	First Advantage Americas		First Advantage International		Sterling		Total
Balance – December 31, 2024	$	703,294	$	114,341	$	1,306,893	$	2,124,528
Adjustments to initial purchase price allocations		—		—		208		208
Foreign currency translation		2		1,032		2,248		3,282
Balance – March 31, 2025	$	703,296	$	115,373	$	1,309,349	$	2,128,018

The following summarizes the gross carrying value and accumulated amortization for the Company’s trade names, customer lists, and other intangible assets as of March 31, 2025 and December 31, 2024 (in thousands):


	March 31, 2025
	Gross Carrying Value		Accumulated Amortization			Net Carrying Value		Useful Life (in years)
Trade names	$	157,937	$	(44,173	)	$	113,764	5-20 years
Customer lists		1,172,012		(332,074	)		839,938	13-14 years
Other intangible assets		2,400		(745	)		1,655	5 years
Total	$	1,332,349	$	(376,992	)	$	955,357


	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

Amortization expense of trade names, customer lists, and other intangible assets was approximately $34.1 million and $14.3 million for the three months ended March 31, 2025 and 2024, respectively. Trade names and customer lists are amortized on an accelerated basis based upon their estimated useful life. Other intangible assets are amortized on a straight-line or accelerated basis over their expected useful life of five years.