| Summary of Changes to Goodwill |
A summary of changes to goodwill is as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill |
|
|
|
Pharmacy Solutions |
|
|
Provider Services |
|
|
Total |
|
Goodwill at January 1, 2023* |
|
$ |
821,406 |
|
|
$ |
1,447,035 |
|
|
$ |
2,268,441 |
|
Goodwill added through acquisitions |
|
|
12,583 |
|
|
|
19,111 |
|
|
|
31,694 |
|
Measurement period adjustments |
|
|
— |
|
|
|
540 |
|
|
|
540 |
|
Foreign currency adjustments |
|
|
— |
|
|
|
97 |
|
|
|
97 |
|
Goodwill at December 31, 2023* |
|
$ |
833,989 |
|
|
$ |
1,466,783 |
|
|
$ |
2,300,772 |
|
Goodwill added through acquisitions |
|
|
7,063 |
|
|
|
56,144 |
|
|
|
63,207 |
|
Measurement period adjustments |
|
|
— |
|
|
|
237 |
|
|
|
237 |
|
Foreign currency adjustments |
|
|
— |
|
|
|
(332 |
) |
|
|
(332 |
) |
Goodwill at December 31, 2024* |
|
$ |
841,052 |
|
|
$ |
1,522,832 |
|
|
$ |
2,363,884 |
|
|
|
|
|
|
|
|
|
|
|
* For the periods presented, the carrying amount of goodwill is presented net of accumulated impairment losses of $40.9 million. |
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|
| Schedule of Intangible Assets |
Intangible assets are as follows (in thousands):
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|
|
|
|
|
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|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2024 |
|
|
December 31, 2023 |
|
|
|
|
|
Gross |
|
|
Accumulated
Amortization |
|
|
Net Carrying
Value |
|
|
Gross |
|
|
Accumulated
Amortization |
|
|
Net Carrying
Value |
|
|
Life
(Years) |
Customer relationships |
|
$ |
542,137 |
|
|
$ |
335,647 |
|
|
$ |
206,490 |
|
|
$ |
539,173 |
|
|
$ |
293,648 |
|
|
$ |
245,525 |
|
|
5-20 |
Trade names |
|
|
332,977 |
|
|
|
140,020 |
|
|
|
192,957 |
|
|
|
328,089 |
|
|
|
116,644 |
|
|
|
211,445 |
|
|
2-20 |
Licenses |
|
|
68,425 |
|
|
|
17,528 |
|
|
|
50,897 |
|
|
|
64,340 |
|
|
|
13,964 |
|
|
|
50,376 |
|
|
10-20 |
Doctor/payor network |
|
|
12,730 |
|
|
|
10,965 |
|
|
|
1,765 |
|
|
|
12,730 |
|
|
|
8,800 |
|
|
|
3,930 |
|
|
5-8 |
Covenants not to compete |
|
|
8,790 |
|
|
|
5,886 |
|
|
|
2,904 |
|
|
|
13,084 |
|
|
|
8,504 |
|
|
|
4,580 |
|
|
2-7 |
Other intangible assets |
|
|
10,940 |
|
|
|
6,362 |
|
|
|
4,578 |
|
|
|
10,949 |
|
|
|
4,808 |
|
|
|
6,141 |
|
|
5-7 |
Total definite-lived assets |
|
$ |
975,999 |
|
|
$ |
516,408 |
|
|
$ |
459,591 |
|
|
$ |
968,365 |
|
|
$ |
446,368 |
|
|
$ |
521,997 |
|
|
|
Licenses |
|
|
135,633 |
|
|
|
— |
|
|
|
135,633 |
|
|
|
118,258 |
|
|
|
— |
|
|
|
118,258 |
|
|
Indefinite |
Total intangible assets |
|
$ |
1,111,632 |
|
|
$ |
516,408 |
|
|
$ |
595,224 |
|
|
$ |
1,086,623 |
|
|
$ |
446,368 |
|
|
$ |
640,255 |
|
|
|
|
| Schedule of Definite-Lived Intangible Assets, Amortization Expense |
As of December 31, 2024, total estimated amortization expense for the Company’s definite-lived intangible assets for the next five years and thereafter is as follows (in thousands):
|
|
|
|
|
2025 |
|
$ |
89,795 |
|
2026 |
|
|
80,775 |
|
2027 |
|
|
47,821 |
|
2028 |
|
|
40,774 |
|
2029 |
|
|
34,717 |
|
Thereafter |
|
|
165,709 |
|
|
|
$ |
459,591 |
|
|