v3.26.3
Intangible assets, net and Goodwill
 9 Months Ended
Sep. 30, 2026
Intangible Asset, Goodwill and Other [Abstract]  
Intangible assets, net and Goodwill Note 13 — Intangible assets, net and Goodwill Note 13 — Intangible assets, net and Goodwill
Note 13 — Intangible assets, net and Goodwill
Intangible assets, net
Identifiable intangible assets consisted of the following as of September 30, 2026 and December 31, 2025:
As of September 30, 2026Gross Carrying AmountAccumulated AmortizationNet Carrying Amount
Licenses and service agreements$1,320,738 $(485,199)$835,539 
Trade names163,776 (73,516)90,260 
Non-compete agreements25,149 (16,230)8,919 
Intellectual property and know-how9,365 (5,151)4,214 
Internal-use software2,544 (751)1,793 
Customer relationships67 (33)34 
Intangible assets, net(1)
$1,521,639 $(580,880)$940,759 
(1) Intangible assets held by the Company’s international subsidiaries are subject to foreign currency translation adjustments.
As of December 31, 2025Gross Carrying AmountAccumulated AmortizationNet Carrying Amount
Licenses and service agreements$1,318,987 $(422,887)$896,100 
Trade names162,903 (65,877)97,026 
Non-compete agreements25,244 (14,591)10,653 
Intellectual property and know-how9,577 (3,790)5,787 
Internal-use software1,716 (220)1,496 
Customer relationships71 (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 nine months ended September 30, 2026, the gross carrying amount of intangible assets increased by $3.1 million, reflecting licenses and trade names recognized in connection with acquisitions, partially offset by foreign currency translation effects.
Amortization expense for the Company's intangible assets was $26.2 million and $76.4 million for the three and nine months ended September 30, 2026, respectively, compared to $25.1 million and $74.8 million for the three and nine months ended September 30, 2025.
As of September 30, 2026, the Company's estimated intangible amortization expense over the next five fiscal years is as follows:
Fiscal YearEstimated Amortization
2026 (full 12 months)$102,430 
2027102,099 
202897,715 
202991,345 
203087,385 
The Company's remaining weighted average amortization period for its outstanding intangibles as of September 30, 2026 was 11.1 years. The remaining weighted average amortization period for each major class as of September 30, 2026 was as follows:
Asset class:Weighted Average Amortization (in years)
Licenses and service agreements11.30
Trade names10.74
Non-compete agreements4.65
Internal-use software3.83
Intellectual property and know-how2.25
Customer relationships1.50
Goodwill
The changes in the Company's goodwill as of September 30, 2026 and December 31, 2025 were as follows:
DomesticInternationalTotal
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, 2025551,181 83,936 635,117 
Acquisitions (2)
5,743 — 5,743 
Effect of exchange rate differences— (2,573)(2,573)
Balance at September 30, 2026$556,924 $81,363 $638,287 
(1) Incurred in connection with an individually immaterial acquisition consummated during the second quarter of 2025 within the Company's international operations.
(2) Incurred in connection with acquisition of Cannabis Haven. See Note 4 — Acquisitions for further detail.