
As of June 30, 2026	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Licenses and service agreements	$	1,311,933	$	(463,952)	$	847,981
Trade names	162,425		(70,204)		92,221
Non-compete agreements	25,145		(15,687)		9,458
Intellectual property and know-how	9,365		(4,682)		4,683
Internal-use software	2,319		(628)		1,691
Customer relationships	68		(28)		40
Intangible assets, net(1)	$	1,511,255	$	(555,181)	$	956,074

(1) Intangible assets held by the Company’s international subsidiaries are subject to foreign currency translation adjustments.


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.

During the six months ended June 30, 2026, the gross carrying amount of intangible assets decreased by $7.2 million, primarily driven by foreign currency translation.

Amortization expense for the Company's intangible assets was $25.2 million and $50.2 million for the three and six months ended June 30, 2026, respectively, compared to $25.0 million and $49.7 million for the three and six months ended June 30, 2025.

As of June 30, 2026, the Company's estimated intangible amortization expense over the next five fiscal years is as follows:


Fiscal Year	Estimated Amortization
2026 (full 12 months)	$	100,568
2027	99,289
2028	95,645
2029	89,506
2030	86,450

The Company's remaining weighted average amortization period for its outstanding intangibles as of June 30, 2026 was 11.40 years. The remaining weighted average amortization period for each major class as of June 30, 2026 was as follows:


Asset class:						Weighted Average Amortization (in years)
Licenses and service agreements						11.57
Trade names						11.09
Non-compete agreements						4.87
Internal-use software						3.81
Intellectual property and know-how						2.50
Customer relationships						1.75


	Domestic		International		Total
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
Effect of exchange rate differences	—		(2,095)		(2,095)
Balance at June 30, 2026	$	551,181	$	81,841	$	633,022

(1) Incurred in connection with an individually immaterial acquisition consummated during the second quarter of 2025 within the Company's international operations.