v3.26.1
10-K Intangible assets, net and Goodwill (Tables)
 3 Months Ended
Mar. 31, 2026
Intangible Asset, Goodwill and Other [Abstract]  
Schedule of intangible assets subject to amortization
The Company's intangible assets are segregated into asset classes with the following estimated useful lives:
Asset class
Estimated useful lives(1)(2)
Non-compete agreements
1-15 years
Trade names
1-20 years
Intellectual property and know-how
5-15 years
Licenses and service agreements
5-30 years
Customer relationships
3 years
Internal-use software
3-5 years
(1) At each fiscal year-end, the Company reviews the estimated useful lives and residual values of its intangible assets and applies any resulting adjustments prospectively.
(2) The Company holds no intangible assets with indefinite useful lives.
Identifiable intangible assets consisted of the following as of December 31, 2025 and 2024:
As of December 31, 2025
Gross Carrying Amount
Accumulated Amortization
Net Carrying Amount
Licenses and service agreements
$
1,318,987 
$
(422,887)
$
896,100 
Trade names
162,903 
(65,877)
97,026 
Non-compete agreements
25,244 
(14,591)
10,653 
Intellectual property and know-how
9,577 
(3,790)
5,787 
Internal-use software
1,716 
(220)
1,496 
Customer relationships
71 
(18)
53 
Intangible assets, net(1)
$
1,518,498 
$
(507,383)
$
1,011,115 
(1) Intangible assets held by the Company’s international subsidiaries are subject to foreign currency translation adjustments.
As of December 31, 2024
Gross Carrying Amount
Accumulated Amortization
Net Carrying Amount
Licenses and service agreements
$
1,289,829 
$
(331,589)
$
958,240 
Trade names
166,843 
(60,375)
106,468 
Non-compete agreements
32,337 
(19,490)
12,847 
Intellectual property and know-how
9,365 
(1,889)
7,476 
Internal-use software
370 
(4)
366 
Intangible assets, net(1)
$
1,498,744 
$
(413,347)
$
1,085,397 
(1) Intangible assets held by the Company’s international subsidiaries are subject to foreign currency translation adjustments.
The remaining weighted average amortization period for each major class as of December 31, 2025 was as follows:
Asset Class
Weighted Average Amortization (years):
Licenses and service agreements
11.99
Trade names
11.53
Non-compete agreements
5.45
Internal-use software
4.77
Intellectual property and know-how
3.03
Customer relationships
2.25
Schedule of estimated annual amortization expense
As of December 31, 2025, the Company’s estimated intangible amortization expense over the next five years is as follows:
Fiscal Year
Estimated Amortization
2026
$
100,271 
2027
99,638 
2028
96,081 
2029
89,951 
2030
85,643 
Schedule of changes in the carrying amount of goodwill by segment
The changes in the Company’s Goodwill as of December 31, 2025 and 2024 were as follows:
Domestic
International
Total
Balance at December 31, 2023
$
551,181 
$
75,447 
$
626,628 
Acquisitions
— 
6,137 
6,137 
Measurement period adjustment
— 
63 
63 
Effect of exchange rate differences
— 
(3,944)
(3,944)
Balance at December 31, 2024
551,181 
77,703 
628,884 
Acquisitions (1)
— 
1,328 
1,328 
Measurement period adjustment
— 
(3,984)
(3,984)
Effect of exchange rate differences
— 
8,889 
8,889 
Balance at December 31, 2025
$
551,181 
$
83,936 
$
635,117 
(1) Incurred in connection with an individually immaterial acquisition consummated during the second quarter of 2025 within the Company's international operations.