Changes in the Company’s goodwill balance for the three months ended March 31, 2026 are summarized in the table below (in thousands):


Balance at December 31, 2025	$	259,631






Foreign currency translation adjustment	(1,355)
Balance at March 31, 2026	$	258,276

The Company reviews its goodwill for impairment annually in the fourth quarter of the fiscal year and whenever events or changes in circumstances indicate that the carrying value of goodwill might not be recoverable.

Intangible assets, net include the estimated acquisition-date fair values of customer relationships, marketing-related assets, and developed technology that the Company recorded as part of its historical business acquisitions. The following is a summary of the Company’s intangible assets, net (in thousands):


	Estimated Useful Life (Years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
March 31, 2026:
Customer relationships	7-10	$	200,273	$	150,432	$	49,841
Trade name	9.6-10	1,189		907		282
Developed technology	4-9	32,021		26,873		5,148

Favorable leases	6.3	265		178		87
Total intangible assets		$	233,748	$	178,390	$	55,358


	Estimated Useful Life (Years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
December 31, 2025:
Customer relationships	7-10	$	201,918	$	146,221	$	55,697
Trade name	9.6-10	1,196		889		307
Developed technology	4-9	32,340		26,126		6,214

Favorable leases	6.3	270		171		99
Total intangible assets		$	235,724	$	173,407	$	62,317

The Company periodically reviews the estimated useful lives of its identifiable intangible assets, taking into consideration any events or circumstances that might result in either a diminished fair value or revised useful life. No impairments of intangibles were recorded during the three months ended March 31, 2026 or the three months ended March 31, 2025.

Total amortization expense was $6.4 million during the three months ended March 31, 2026, and $9.4 million for the three months ended March 31, 2025, respectively.