v3.26.1
Goodwill and Intangible Assets
3 Months Ended
Mar. 31, 2026
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets

3. Goodwill and Intangible Assets

The carrying amount of goodwill as of March 31, 2026 and December 31, 2025 was $438.9 million. Accumulated impairment losses related to goodwill were $2.3 billion as of March 31, 2026 and December 31, 2025.

Amortization of intangible assets was $42.3 million and $42.9 million for the three months ended March 31, 2026 and 2025, respectively.

 

The following tables set forth information for intangible assets:

 

 

 

 

March 31, 2026

 

(amounts in thousands)

 

Weighted Average Useful Life

 

Gross
Carrying
Value

 

 

Accumulated
Amortization

 

 

Accumulated
Impairment Charges

 

 

Net Carrying
Value

 

Finite-lived intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Client relationships

 

14 years

 

$

2,256,291

 

 

$

1,762,270

 

 

$

 

 

$

494,021

 

Trade names

 

10 years

 

 

88,600

 

 

 

73,428

 

 

 

 

 

 

15,172

 

Total finite-lived intangible assets

 

 

 

 

2,344,891

 

 

 

1,835,698

 

 

 

 

 

 

509,193

 

Indefinite-lived intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trade name

 

 

 

 

1,480,000

 

 

 

 

 

 

1,037,600

 

 

 

442,400

 

Total other intangible assets

 

 

 

$

3,824,891

 

 

$

1,835,698

 

 

$

1,037,600

 

 

$

951,593

 

 

 

 

 

 

December 31, 2025

 

(amounts in thousands)

 

Weighted Average Useful Life

 

Gross
Carrying
Value

 

 

Accumulated
Amortization

 

 

Accumulated
Impairment Charges

 

 

Net Carrying
Value

 

Finite-lived intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

Client relationships

 

14 years

 

$

2,256,367

 

 

$

1,722,227

 

 

$

 

 

$

534,140

 

Trade names

 

10 years

 

 

88,600

 

 

 

71,213

 

 

 

 

 

 

17,387

 

Total finite-lived intangible assets

 

 

2,344,967

 

 

 

1,793,440

 

 

 

 

 

 

551,527

 

Indefinite-lived intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

Trade name

 

 

 

 

1,480,000

 

 

 

 

 

 

1,037,600

 

 

 

442,400

 

Total other intangible assets

 

$

3,824,967

 

 

$

1,793,440

 

 

$

1,037,600

 

 

$

993,927

 

 

As of March 31, 2026, estimated future amortization expense of the Company’s finite-lived intangible assets are as follows:

(in thousands)

 

 

 

Remainder of 2026

 

$

126,797

 

2027

 

 

167,500

 

2028

 

 

133,069

 

2029

 

 

76,636

 

2030

 

 

3,442

 

Thereafter

 

 

1,749

 

Total amortization expense

 

$

509,193