
		June 30, 2025						December 31, 2024
(in thousands)	Weighted-average amortization period	Gross Carrying Amount		Accumulated Amortization		Net Carrying Value		Gross Carrying Amount		Accumulated Amortization		Net Carrying Value
Customer relationships	15 years	$	4,197,480	$	(2,510,946)	$	1,686,534	$	4,197,480	$	(2,370,865)	$	1,826,615
Provider network	15 years	896,800		(542,066)		354,734		896,800		(512,172)		384,628
Technology	6 years	21,850		(10,682)		11,168		21,850		(8,940)		12,910
Trade names	9 years	2,670		(1,295)		1,375		2,670		(1,170)		1,500

Non-compete	5 years	1,000		(430)		570		1,000		(330)		670
Total		$	5,119,800	$	(3,065,419)	$	2,054,381	$	5,119,800	$	(2,893,477)	$	2,226,323


($ in thousands)	2025		2024
Balance as of December 31 (Prior Year)
Goodwill	$	4,486,923	$	4,486,923
Accumulated impairment losses	$	(2,083,783)	$	(657,921)
	$	2,403,140	$	3,829,002
Goodwill acquired during period	$	—	$	—
Impairment Losses	$	—	$	(516,350)
Balance as of March 31	$	2,403,140	$	3,312,652
Goodwill acquired during period	$	—	$	—
Impairment Losses	$	—	$	(553,701)
Balance as of June 30
Goodwill	$	4,486,923	$	4,486,923
Accumulated impairment losses	$	(2,083,783)	$	(1,727,972)
	$	2,403,140	$	2,758,951

The goodwill arose from the acquisition of the Company in 2016 by Polaris Investment Holdings, L.P. ("Holdings"), the HSTechnology Solutions, Inc. ("HST") acquisition in 2020, the Discovery Health Partners ("DHP") acquisition in 2021 and the BST acquisition in 2023. The carrying value of goodwill was $2,403.1 million and $2,403.1 million as of June 30, 2025 and December 31, 2024, respectively. No impairment was recorded in the six month ended June 30, 2025.

During the three months ended March 31, 2024, we concluded that the significant declines in our stock price and market capitalization during the month of March 2024 represented a triggering event and therefore performed an impairment assessment of goodwill and indefinite-lived intangible assets as of March 31, 2024.

The estimated fair value of our indefinite-lived trade names was less than their carrying value and as a result a loss on impairment of $2.7 million was recorded during the three months ended March 31, 2024.

The quantitative assessment of our goodwill as of March 31, 2024 indicated that the estimated fair value of the reporting unit was less than its carrying value, and as a result a loss on impairment of $516.4 million was recorded during the three months ended March 31, 2024. The loss on impairment of goodwill and intangible assets was primarily due to the use of a higher discount rate in response to significant declines in the stock price, and lower EBITDA multiples. There were no material changes in the forecasted revenues and expenses utilized in the analysis compared to November 1, 2023.

We concluded that the significant declines in our stock price and market capitalization during the three months ended June 30, 2024, along with revised forecasts, represented triggering events and therefore performed an impairment assessment of goodwill and indefinite-lived intangible assets as of June 30, 2024.

No impairment was recorded for our indefinite-lived trade names during the three months ended June 30, 2024 as their fair value exceeded their carrying value.

The quantitative assessment of our goodwill as of June 30, 2024 indicated that the estimated fair value of the reporting unit was less than its carrying value, and as a result a loss on impairment of $553.7 million was recorded during the three months ended June 30, 2024. This loss on impairment of goodwill was primarily due to the use of lower projected cash flows, lower EBITDA multiples and the use of a higher discount rate in response to the estimation uncertainty of our cash flow projections.

Of this impairment charge, $522.1 million is permanently nondeductible for income tax purposes resulting in an income tax expense of $109.6 million. The impairment charge is treated as a discrete item for the three months ended June 30, 2024, which impacted our effective tax rate versus our statutory tax rate.