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Goodwill and Identifiable Intangible Assets, Net | 9 Months Ended
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Sep. 30, 2022
Goodwill and Identifiable Intangible Assets, Net |
Goodwill and Identifiable Intangible Assets, Net | 6. Goodwill and Identifiable Intangible Assets, Net ​ Goodwill ​ The changes in the carrying amount of goodwill are as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Mechanical Services | ​ | Electrical Services | ​ | ​ | ​
​ |  | Segment |  | Segment | ​ | Total |
Balance at December 31, 2020 | ​ | $ | 307,448 | ​ | $ | 156,944 | ​ | $ | 464,392 | ​
Acquisitions and purchase price adjustments (See Note 5) | ​ |  | 52,771 | ​ | ​ | 74,951 | ​ | ​ | 127,722 | ​
Impact of segment reorganization | ​ | ​ | 1,101 | ​ | ​ | (1,101) | ​ | ​ | — | ​
Balance at December 31, 2021 | ​ | ​ | 361,320 | ​ | ​ | 230,794 | ​ | ​ | 592,114 | ​
Acquisitions and purchase price adjustments (See Note 5) | ​ | ​ | 1,859 | ​ | ​ | 17,066 | ​ | ​ | 18,925 | ​
Balance at September 30, 2022 | ​ | $ | 363,179 | ​ | $ | 247,860 | ​ | $ | 611,039 | ​
​ During the fourth quarter of 2021, the Company performed a qualitative assessment for all of our reporting units except one for which we performed a quantitative assessment, which considered various factors, including changes in the carrying value of the reporting unit, forecasted operating results, long-term growth rates and discount rates. Additionally, we considered qualitative key events and circumstances (i.e. macroeconomic environment, industry and market specific conditions, cost factors and events specific to the reporting unit, etc.). Based on this assessment, we concluded that it was more likely than not that the fair value of each of the reporting units was substantially greater than its carrying value. Accordingly, no further testing was required. For our Texas electrical operation, we performed a step 1 quantitative assessment, and the calculated fair value exceeded the carrying value by 32%. As a result of the reporting unit’s smaller excess of fair value percentage, this reporting unit is more susceptible to impairment risk from additional adverse changes in its operating environment, including micro- and macroeconomic environment conditions that could negatively impact them. Such adverse changes could include worsening economic conditions in the locations or markets they primarily serve, whether due to COVID-19 or other events and conditions. As of September 30, 2022, the Texas electrical operation had a goodwill balance of $96.8 million. Identifiable Intangible Assets, Net ​ At September 30, 2022, future amortization expense of identifiable intangible assets is as follows (in thousands): ​
​ | ​ | ​ | ​ | ​
Year ending December 31— |  | ​ |  | ​
2022 (remainder of the year) |  | $ | 11,193 |
2023 | ​ | ​ | 36,252 | ​
2024 | ​ |  | 34,063 | ​
2025 | ​ |  | 31,876 | ​
2026 | ​ |  | 31,032 | ​
Thereafter | ​ |  | 140,678 | ​
Total | ​ | $ | 285,094 | ​
​

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI https://asc.fasb.org/topic&trid=2144416 + Details
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