Goodwill and Other Intangible Assets, Net
The changes in the carrying amount of goodwill for the years ended December 31, 2025 and 2024 were as follows (in thousands):
| | | | | |
| Goodwill |
| Balance at December 31, 2023 | $ | 506,344 | |
| Acquisitions | 35,466 | |
| Measurement period adjustments | 707 | |
| |
| Cumulative translation adjustment | (2,227) | |
| Balance at December 31, 2024 | $ | 540,290 | |
| |
| Acquisitions | 94,271 | |
| Disposal of business | (5,891) | |
| Measurement period adjustments | 18,697 | |
| Cumulative translation adjustment | 1,249 | |
| Balance at December 31, 2025 | $ | 648,616 | |
For additional information on Goodwill, see Note 4—“Acquisitions.”
The Company completed its annual goodwill impairment testing during the fourth quarters of 2025 and 2024 which did not result in any goodwill impairment. See Note 3—“Summary of Significant Accounting Policies” for more information.
Other intangible assets consisted of the following (in thousands, except weighted-average remaining life):
| | | | | | | | | | | | | | | | | | | | | | | |
| December 31, 2025 |
| Gross Amount | | Accumulated Amortization | | Net Carrying Amount | | Weighted- Average Remaining Life (Years) |
| Definite life intangible assets: | | | | | | | |
| Customer-related | $ | 399,885 | | | $ | 140,218 | | | $ | 259,667 | | | 11.3 |
| Technology | 86,097 | | | 28,655 | | | 57,442 | | | 9.3 |
| Noncompete agreements | 21,816 | | | 21,507 | | | 309 | | | 1.4 |
| Patents | 13,160 | | | 11,607 | | | 1,553 | | | 2.6 |
| All other | 32,938 | | | 6,657 | | | 26,281 | | | 10.7 |
| Total definite life intangible assets | 553,896 | | | 208,644 | | | 345,252 | | | |
| Indefinite life intangible assets: | | | | | | | |
| Trade names | 79,570 | | | — | | | 79,570 | | | N/A |
| Licenses | 2,674 | | | — | | | 2,674 | | | N/A |
| Domain name | 454 | | | — | | | 454 | | | N/A |
| Total indefinite life intangible assets | 82,698 | | | — | | | 82,698 | | | |
| Total | $ | 636,594 | | | $ | 208,644 | | | $ | 427,950 | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| December 31, 2024 |
| Gross Amount | | Accumulated Amortization | | Net Carrying Amount | | Weighted- Average Remaining Life (Years) |
| Definite life intangible assets: | | | | | | | |
| Customer-related | $ | 256,374 | | | $ | 113,590 | | | $ | 142,784 | | | 10.8 |
| Technology | 23,997 | | | 23,997 | | | — | | | N/A |
| Noncompete agreements | 21,815 | | | 20,621 | | | 1,194 | | | 1.5 |
| Patents | 12,577 | | | 11,102 | | | 1,475 | | | 2.7 |
| All other | 19,937 | | | 6,711 | | | 13,226 | | | 12.1 |
| Total definite life intangible assets | 334,700 | | | 176,021 | | | 158,679 | | | |
| Indefinite life intangible assets: | | | | | | | |
| Trade names | 79,570 | | | — | | | 79,570 | | | N/A |
| Licenses | 2,207 | | | — | | | 2,207 | | | N/A |
| Domain name | 454 | | | — | | | 454 | | | N/A |
| Total indefinite life intangible assets | 82,231 | | | — | | | 82,231 | | | |
| Total | $ | 416,931 | | | $ | 176,021 | | | $ | 240,910 | | | |
Intangible amortization expense was $35.5 million, $19.6 million and $16.0 million for the years ended December 31, 2025, 2024 and 2023, respectively. Intangible amortization is included as part of “Other expenses” in the Company’s Consolidated Statements of Operations.
The Company completed its annual intangible impairment testing during the fourth quarter of 2025. There were no impairment charges recognized as a result of this annual impairment testing for the Company’s definite and indefinite life intangibles for the years ended December 31, 2025, 2024 and 2023. See Note 3—“Summary of Significant Accounting Policies” for more information.
The estimated future amortization expense of definite life intangible assets as of December 31, 2025 is as follows (in millions):
| | | | | |
| 2026 | $ | 39.0 | |
| 2027 | 34.7 | |
| 2028 | 33.9 | |
| 2029 | 30.2 | |
| 2030 | 30.0 | |
| 2031 and thereafter | 177.5 | |
| Total | $ | 345.3 | |
About Goodwill & Intangibles Disclosures
Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.
Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.