| Intangible Assets |
The gross amount and accumulated amortization of acquired identifiable intangible assets included in “Intangible assets, net” on the consolidated balance sheets were as follows (in thousands except for years):
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December 31, 2025 |
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December 31, 2024 |
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Weighted Average |
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Gross Carrying Amount |
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Accumulated Amortization |
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Net Carrying Amount |
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Gross Carrying Amount |
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Accumulated Amortization |
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Net Carrying Amount |
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Amortization Period (in years) |
|
Backlog |
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$ |
154,470 |
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|
$ |
(83,181 |
) |
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$ |
71,289 |
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$ |
142,100 |
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$ |
(51,322 |
) |
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$ |
90,778 |
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|
4.4 |
|
Customer relationships |
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$ |
395,460 |
|
|
$ |
(166,391 |
) |
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$ |
229,069 |
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|
372,930 |
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|
(139,568 |
) |
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|
233,362 |
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|
11.5 |
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Developed technology |
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$ |
30,100 |
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$ |
(13,496 |
) |
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$ |
16,604 |
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|
23,200 |
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(7,458 |
) |
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|
15,742 |
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4.4 |
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Trade name |
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$ |
2,530 |
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$ |
(2,123 |
) |
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$ |
407 |
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1,500 |
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(367 |
) |
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1,133 |
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1.0 |
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Non-compete agreements |
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$ |
10,980 |
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$ |
(4,293 |
) |
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$ |
6,687 |
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|
|
8,300 |
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|
(1,203 |
) |
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|
7,097 |
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3.0 |
|
In process research and development |
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$ |
1,800 |
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|
$ |
- |
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$ |
1,800 |
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|
1,800 |
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- |
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|
1,800 |
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n/a |
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Other intangibles |
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$ |
24 |
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$ |
- |
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$ |
24 |
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|
25 |
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- |
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|
25 |
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n/a |
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Total intangible assets |
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$ |
595,364 |
|
|
$ |
(269,484 |
) |
|
$ |
325,880 |
|
|
$ |
549,855 |
|
|
$ |
(199,918 |
) |
|
$ |
349,937 |
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The aggregate amortization expense of intangible assets was $69.6 million, $55.6 million, and $76.6 million for the years ended December 31, 2025, December 31, 2024 and December 31, 2023, respectively. Estimated amortization expense in each of the next five years and beyond is as follows (in thousands):
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December 31, 2025 |
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2025 |
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$ |
65,441 |
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2026 |
|
$ |
58,480 |
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2027 |
|
$ |
42,726 |
|
2028 |
|
$ |
26,421 |
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2029 |
|
$ |
22,702 |
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Thereafter |
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$ |
108,309 |
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Total |
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$ |
324,079 |
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