XML 37 R19.htm IDEA: XBRL DOCUMENT v3.25.4
Intangible Assets
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets Intangible Assets
Goodwill
The following table shows changes in the carrying amounts of goodwill for the years ended December 31, 2025 and 2024:
 Total
 
(in thousands)
Balance as of January 1, 2024$1,229,745 
Acquisition of businesses4,962 
Balance as of December 31, 20241,234,707 
Acquisition of businesses244,485 
Balance as of December 31, 2025$1,479,192 
Identifiable Intangible Assets
The following table provides the gross carrying amounts, accumulated amortization, and net carrying amounts for the Company’s identifiable intangible assets:
 December 31,
 20252024
 Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount		Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount
 (in thousands)
Indefinite-lived intangible assets:      
Trademarks$104,900 $— $104,900 $104,900 $— $104,900 
Finite-lived intangible assets: 
Trademarks5,000 (5,000)— 5,000 (5,000)— 
Customer relationships382,951 (248,391)134,560 320,161 (222,522)97,639 
Non-compete agreements10,056 (6,960)3,096 7,749 (5,563)2,186 
Total identifiable intangible assets$502,907 $(260,351)$242,556 $437,810 $(233,085)$204,725 
The Company’s trademarks have renewal terms and the costs to renew these intangible assets are expensed as incurred. The Company’s finite-lived and indefinite-lived trademarks will be renewed in 2028 and 2029, respectively.
The Company’s finite-lived intangible assets amortize over their estimated useful lives. Amortization expense was $25.9 million, $22.2 million, and $30.0 million for the years ended December 31, 2025, 2024, and 2023, respectively.
Estimated amortization expense of the Company’s finite-lived intangible assets for each of the five succeeding years is as follows:
20262027202820292030
(in thousands)
Amortization expense$26,068 $23,579 $20,874 $18,618 $16,886