| Goodwill and Intangible Assets |
5. Goodwill and Intangible Assets A summary of changes to goodwill, by reportable segment, is as follows (in thousands):
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Goodwill |
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Pharmacy Solutions |
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Provider Services |
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Total |
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Goodwill at January 1, 2025* |
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$ |
841,052 |
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$ |
1,522,832 |
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$ |
2,363,884 |
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Goodwill added through acquisitions |
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— |
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6,430 |
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6,430 |
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Measurement period adjustments |
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— |
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128 |
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|
128 |
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Foreign currency adjustments |
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— |
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124 |
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|
124 |
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Goodwill at September 30, 2025* |
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$ |
841,052 |
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$ |
1,529,514 |
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$ |
2,370,566 |
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* For the periods presented, the carrying amount of goodwill is presented net of accumulated impairment losses of $40.9 million. Intangible assets are as follows (in thousands):
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September 30, 2025 |
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December 31, 2024 |
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Gross |
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Accumulated Amortization |
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Net Carrying Value |
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Gross |
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Accumulated Amortization |
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Net Carrying Value |
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Life (Years) |
Customer relationships |
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$ |
517,753 |
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$ |
354,982 |
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$ |
162,771 |
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$ |
542,137 |
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$ |
335,647 |
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$ |
206,490 |
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5-20 |
Trade names |
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328,968 |
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156,431 |
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172,537 |
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332,977 |
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140,020 |
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192,957 |
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2-20 |
Licenses |
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60,515 |
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17,970 |
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42,545 |
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68,425 |
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17,528 |
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50,897 |
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10-20 |
Doctor/payor network |
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5,650 |
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4,800 |
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|
850 |
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12,730 |
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10,965 |
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1,765 |
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5-8 |
Covenants not to compete |
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6,874 |
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4,605 |
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2,269 |
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8,790 |
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5,886 |
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2,904 |
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2-7 |
Other intangible assets |
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10,940 |
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7,535 |
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3,405 |
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10,940 |
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6,362 |
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4,578 |
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5-7 |
Total definite-lived assets |
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$ |
930,700 |
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$ |
546,323 |
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$ |
384,377 |
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$ |
975,999 |
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$ |
516,408 |
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$ |
459,591 |
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Licenses |
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137,233 |
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— |
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137,233 |
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|
135,633 |
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— |
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|
135,633 |
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Indefinite |
Total intangible assets |
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$ |
1,067,933 |
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$ |
546,323 |
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$ |
521,610 |
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$ |
1,111,632 |
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$ |
516,408 |
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$ |
595,224 |
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Amortization expense for the three and nine months ended September 30, 2025 was $22.7 million and $69.7 million, respectively, as compared to $24.1 million and $72.0 million for the three and nine months ended September 30, 2024, respectively.
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