| Summary of Changes to Goodwill |
A summary of changes to goodwill is as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill |
|
|
|
Pharmacy Solutions |
|
|
Provider Services |
|
|
Total |
|
Goodwill at January 1, 2024* |
|
$ |
833,989 |
|
|
$ |
1,466,783 |
|
|
$ |
2,300,772 |
|
Goodwill added through acquisitions |
|
|
7,063 |
|
|
|
56,144 |
|
|
|
63,207 |
|
Measurement period adjustments |
|
|
— |
|
|
|
237 |
|
|
|
237 |
|
Foreign currency adjustments |
|
|
— |
|
|
|
(332 |
) |
|
|
(332 |
) |
Goodwill at December 31, 2024* |
|
$ |
841,052 |
|
|
$ |
1,522,832 |
|
|
$ |
2,363,884 |
|
Goodwill added through acquisitions |
|
|
— |
|
|
|
181,472 |
|
|
|
181,472 |
|
Measurement period adjustments |
|
|
— |
|
|
|
128 |
|
|
|
128 |
|
Foreign currency adjustments |
|
|
— |
|
|
|
189 |
|
|
|
189 |
|
Goodwill at December 31, 2025* |
|
$ |
841,052 |
|
|
$ |
1,704,621 |
|
|
$ |
2,545,673 |
|
|
|
|
|
|
|
|
|
|
|
* For the periods presented, the carrying amount of goodwill is presented net of accumulated impairment losses of $40.9 million, which were incurred in fiscal year 2022. |
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|
| Schedule of Intangible Assets |
Intangible assets are as follows (in thousands):
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
|
December 31, 2024 |
|
|
|
|
|
Gross |
|
|
Accumulated
Amortization |
|
|
Net Carrying
Value |
|
|
Gross |
|
|
Accumulated
Amortization |
|
|
Net Carrying
Value |
|
|
Life
(Years) |
Customer relationships |
|
$ |
502,160 |
|
|
$ |
356,146 |
|
|
$ |
146,014 |
|
|
$ |
542,137 |
|
|
$ |
335,647 |
|
|
$ |
206,490 |
|
|
5-20 |
Trade names |
|
|
318,768 |
|
|
|
154,601 |
|
|
|
164,167 |
|
|
|
332,977 |
|
|
|
140,020 |
|
|
|
192,957 |
|
|
2-20 |
Licenses |
|
|
67,395 |
|
|
|
18,886 |
|
|
|
48,509 |
|
|
|
68,425 |
|
|
|
17,528 |
|
|
|
50,897 |
|
|
10-20 |
Doctor/payor network |
|
|
5,650 |
|
|
|
4,987 |
|
|
|
663 |
|
|
|
12,730 |
|
|
|
10,965 |
|
|
|
1,765 |
|
|
5-8 |
Covenants not to compete |
|
|
6,654 |
|
|
|
4,717 |
|
|
|
1,937 |
|
|
|
8,790 |
|
|
|
5,886 |
|
|
|
2,904 |
|
|
2-7 |
Other intangible assets |
|
|
10,940 |
|
|
|
7,925 |
|
|
|
3,015 |
|
|
|
10,940 |
|
|
|
6,362 |
|
|
|
4,578 |
|
|
5-7 |
Total definite-lived assets |
|
$ |
911,567 |
|
|
$ |
547,262 |
|
|
$ |
364,305 |
|
|
$ |
975,999 |
|
|
$ |
516,408 |
|
|
$ |
459,591 |
|
|
|
Licenses |
|
|
193,250 |
|
|
|
— |
|
|
|
193,250 |
|
|
|
135,633 |
|
|
|
— |
|
|
|
135,633 |
|
|
Indefinite |
Total intangible assets |
|
$ |
1,104,817 |
|
|
$ |
547,262 |
|
|
$ |
557,555 |
|
|
$ |
1,111,632 |
|
|
$ |
516,408 |
|
|
$ |
595,224 |
|
|
|
|
| Schedule of Definite-Lived Intangible Assets, Amortization Expense |
As of December 31, 2025, total estimated amortization expense for the Company’s definite-lived intangible assets for the next five years and thereafter is as follows (in thousands):
|
|
|
|
|
2026 |
|
$ |
79,888 |
|
2027 |
|
|
46,935 |
|
2028 |
|
|
39,876 |
|
2029 |
|
|
34,000 |
|
2030 |
|
|
33,108 |
|
Thereafter |
|
|
130,498 |
|
|
|
$ |
364,305 |
|
|