GOODWILL AND OTHER INTANGIBLE ASSETS, NET

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLE ASSETS, NET

GOODWILL AND OTHER INTANGIBLE ASSETS, NET

A summary of changes in the carrying amount of goodwill by operating segment for the years ended December 31, 2024 and 2023 were as follows (in thousands): 

	Financial Services		Benefits and Insurance Services		National Practices		Total Goodwill
Gross	$	549,906	$	320,125	$	33,873	$	903,904
Accumulated impairment	(44,047)		(7,733)		(32,207)		(83,987)
Net at December 31, 2022	$	505,859	$	312,392	$	1,666	$	819,917
Additions	41,322		3,932		—		45,254
Divestitures and other adjustments	9		—		—		9
Gross	591,237		324,057		33,873		949,167
Accumulated impairment	(44,047)		(7,733)		(32,207)		(83,987)
Net at December 31, 2023	$	547,190	$	316,324	$	1,666	$	865,180
Additions	1,458,747		13,905		—		1,472,652
Divestitures and other adjustments	(6,371)		—		—		(6,371)
Gross	2,043,613		337,962		33,873		2,415,448
Accumulated impairment	(44,047)		(7,733)		(32,207)		(83,987)
Net at December 31, 2024	$	1,999,566	$	330,229	$	1,666	$	2,331,461

We review goodwill at the reporting unit level at least annually, as of November 1, for impairment. We had six reporting units at November 1, 2024. No goodwill impairment was recognized as a result of the annual evaluation.

As a result of the Transaction, we recognized $1,445.1 million goodwill of which $1,433.5 million was allocated to the Financial Services practice group and $11.6 million was allocated to the Benefit and Insurance Services practice group on a provisional basis.

The components of goodwill and other intangible assets, net at December 31, 2024 and 2023 were as follows (in thousands):

	2024		2023
Goodwill	$	2,331,461	$	865,180
Intangibles :
Client lists	820,564		338,237
Other intangibles	32,481		11,481
Total intangibles	853,045		349,718
Total goodwill and other intangibles assets	3,184,506		1,214,898
Accumulated amortization:
Client lists	(227,943)		(196,412)
Other intangibles	(11,093)		(9,882)
Total accumulated amortization	(239,036)		(206,294)
Goodwill and other intangible assets, net	$	2,945,470	$	1,008,604

Amortization expense for client lists and other intangible assets was $32.7 million, $23.8 million and $21.7 million in 2024, 2023 and 2022, respectively. The weighted-average useful lives of total intangible assets, client lists and other intangible assets were 9.1 years, 9.2 years and 6.3 years, respectively, as of December 31, 2024. Other intangible assets are amortized over periods ranging from 3 to 15 years. Based on the amount of intangible assets subject to amortization at December 31, 2024, the estimated amortization expense is $75.1 million for 2025, $73.1 million for 2026, $71.1 million for 2027, $64.6 million for 2028, $64.0 million for 2029, and $266.1 million thereafter.