Intangible Assets

6 Months Ended

Jun. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

6. Intangible Assets

The following table presents intangible assets as of:


	June 30, 2022					December 31, 2021
	Gross Carrying Amount		Accumulated Amortization			Gross Carrying Amount		Accumulated Amortization
	(in thousands)
Customer relationships	$	1,846,465	$	(451,948	)	$	1,781,264	$	(328,540	)
Trade names		201,861		(159,987	)		201,861		(155,141	)
Subcontractor relationships		5,440		(4,664	)		5,440		(3,757	)
Non-compete agreements		14,919		(4,458	)		13,519		(3,243	)
Developed technology		95,600		(8,986	)		95,600		(3,594	)
Total intangible assets	$	2,164,285	$	(630,043	)	$	2,097,684	$	(494,275	)

In connection with the current year acquisitions, we recorded intangible assets of $66.6 million , which includes $65.2 million of customer relationships and $1.4 million of non-compete agreements. The weighted average useful lives of the current year acquired intangible assets are 5.6 years in total, 5.6 years for customer relationships and 5.0 years for non-compete agreements. The fair value of acquired customer relationship intangible assets was primarily estimated by applying the multi-period excess earnings method, which involved the use of significant estimates and assumptions primarily related to forecasted revenue growth rates, gross margin, contributory asset charges, customer attrition rates, and market-participant discount rates. These measures are based on significant Level 3 inputs not observable in the market. Key assumptions developed based on the Company’s historical experience, future projections and comparable market data include future cash flows, long-term growth rates, attrition rates and discount rates.

During the three and six months ended June 30, 2022, we recorded amortization expense in relation to the above-listed intangible assets of $70.1 million and $135.8 million , respectively. During the three and six months ended June 30, 2021, we recorded amortization expense in relation to the above-listed intangible assets of $80.6 million and $169.3 million, respectively.

The following table presents the estimated amortization expense (in thousands) for intangible assets for the years ending December 31:


	(in thousands)
2022 (from July 1, 2022)	$	138,191
2023		245,578
2024		214,437
2025		183,846
2026		160,842
Thereafter		591,348
Total future net intangible amortization expense	$	1,534,242