At SLU we have one license server for ESRI software, The licenses we deploy on the server are valid one year and we usually get new ones from ESRI in January-February. Depending on which type of license you are using, this replacement will affect you differently.
You can check your license type in the ArcGIS Administrator program.

Floating license
If you are using floating licenses from the server you don't have to do anything, you will start getting warning messages saying that the license is about to time out. These messages will disappear when we have received and deployed the new licenses we get from ESRI. See this instruction if you want to disable the messages:

Borrowed license
If you have followed the instructions in your borrowed licenses will time out the same day as the license server licenses. Unfortunately you will have to wait until the license has timed out to be able to borrow a new.

Single use license
Your single use licenses will also time out the same day as the license server licenses but normally we will get a new single use file for the next one year period some time before the license time out, so you can renew your license before it expires, see this instruction.

 Added  Mon Feb 28 08:54:00 CET 2022   by MatsEmbedded Image