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Intangible Assets | 12 Months Ended
--- | ---
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract] |
Intangible Assets | Intangible Assets Goodwill The following table shows changes in the carrying amounts of goodwill by reporting unit for the years ended December 31, 2024 and 2025:
| Critical Illness Recovery Hospital |  | Rehabilitation Hospital |  | Outpatient Rehabilitation |  |  |  | Total
| (in thousands)
Balance as of January 1, 2024 | $ | 1,157,802 |  |  | $ | 458,340 |  |  | $ | 667,283 |  |  |  |  | $ | 2,283,425 |
Acquisition of businesses | 8,000 |  |  | 38,367 |  |  | 1,666 |  |  |  |  | 48,033 |
Measurement period adjustment | — |  |  | 440 |  |  | — |  |  |  |  | 440 |
Balance as of December 31, 2024 | 1,165,802 |  |  | 497,147 |  |  | 668,949 |  |  |  |  | 2,331,898 |
Acquisition of businesses | 7,773 |  |  | 20,450 |  |  | 781 |  |  |  |  | 29,004 |
Balance as of December 31, 2025 | $ | 1,173,575 |  |  | $ | 517,597 |  |  | $ | 669,730 |  |  |  |  | $ | 2,360,902 |
Identifiable Intangible Assets The following table provides the gross carrying amounts, accumulated amortization, and net carrying amounts for the Company’s identifiable intangible assets:
| December 31,
| 2024 |  | 2025
| Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
| (in thousands)
Indefinite-lived intangible assets: |  |  |  |  |  |  |  |  |  |  |
Trademarks | $ | 61,798 |  |  | $ | — |  |  | $ | 61,798 |  |  | $ | 61,798 |  |  | $ | — |  |  | $ | 61,798 |
Certificates of need | 26,393 |  |  | — |  |  | 26,393 |  |  | 26,318 |  |  | — |  |  | 26,318 |
Accreditations | 1,775 |  |  | — |  |  | 1,775 |  |  | 1,775 |  |  | — |  |  | 1,775 |
Finite-lived intangible assets: |  |  |  |  |  |  |  |  |  |  |
Non-compete agreements | 31,735 |  |  | (18,518) |  |  | 13,217 |  |  | 29,133 |  |  | (18,224) |  |  | 10,909 |
Total identifiable intangible assets | $ | 121,701 |  |  | $ | (18,518) |  |  | $ | 103,183 |  |  | $ | 119,024 |  |  | $ | (18,224) |  |  | $ | 100,800 |
The Company’s accreditations and trademarks have renewal terms and the costs to renew these intangible assets are expensed as incurred. At December 31, 2025, the accreditations and trademarks have a weighted average time until next renewal of 1.5 years and 5.4 years, respectively. The Company’s finite-lived intangible assets amortize over their estimated useful lives. Amortization expense was $1.6 million for the years ended December 31, 2023, 2024, and 2025. Estimated amortization expense of the Company’s finite-lived intangible assets for each of the five succeeding years is as follows:
| 2026 |  | 2027 |  | 2028 |  | 2029 |  | 2030
| (in thousands)
Amortization expense | $ | 1,613 |  |  | $ | 1,613 |  |  | $ | 1,613 |  |  | $ | 1,613 |  |  | $ | 1,607 |

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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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