Intangible Assets

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

6. Intangible Assets

The following table presents intangible assets as of:


	September 30, 2024					December 31, 2023
	Gross Carrying Amount		Accumulated Amortization			Gross Carrying Amount		Accumulated Amortization
	(in thousands)
Customer relationships	$	2,187,855	$	(1,134,491	)	$	2,105,730	$	(912,865	)
Trade names		64,500		(42,129	)		64,500		(36,459	)
Non-compete agreements		13,050		(8,028	)		13,050		(6,223	)
Developed technology		95,600		(33,234	)		95,600		(25,160	)
Total intangible assets	$	2,361,005	$	(1,217,882	)	$	2,278,880	$	(980,707	)

In connection with the current year acquisitions, we recorded customer relationships intangible assets of $82.1 million. The weighted average useful life of the current year acquired intangible assets is 2.7 years. The fair value of acquired customer relationship intangible assets was primarily estimated by applying the multi-period excess earnings method, which is based on significant Level 3 inputs not observable in the market. Key assumptions developed based on the Company’s historical experience, future projections and comparable market data include future cash flows, long-term growth rates, attrition rates and discount rates.

During the three and nine months ended September 30, 2024, we recorded amortization expense in relation to the above-listed intangible assets of $76.3 million and $237.2 million, respectively. During the three and nine months ended September 30, 2023, we recorded amortization expense in relation to the above-listed intangible assets of $83.5 million and $252.9 million, respectively.

The following table presents the estimated amortization expense for intangible assets for the years ending December 31:


	(in thousands)
2024 (from October 1, 2024)	$	66,656
2025		243,297
2026		211,067
2027		156,970
2028		124,052
Thereafter		341,081
Total future intangible amortization expense	$	1,143,123