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Fair Value Measures and Disclosures (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis

The following table, which may contain slight summation differences due to rounding, provides a reconciliation of changes in Earn-out liabilities measured at fair value for the periods indicated (in millions):

			Year Ended December 31,
			2025						2024						2023
Balance as of beginning of period (a)			$	112.7					$	77.4					$	127.4
Additions			12.8						56.1						1.4
Fair value adjustments (b)			(3.5)						5.2						(12.6)
Payments			(49.4)						(26.1)						(38.8)
Balance as of end of period (a)			$	72.6					$	112.7					$	77.4

(a)Earn-out liabilities included within other current liabilities totaled approximately $28.2 million and $70.0 million as of December 31, 2025 and 2024, respectively.

(b)For the year ended December 31, 2025, fair value adjustments related primarily to decreases within the Power Delivery segment, which were partially offset by increases primarily within the Pipeline Infrastructure segment. For the year ended December 31, 2024, fair value adjustments related primarily to increases within the Clean Energy and Infrastructure, Power Delivery and Pipeline Infrastructure segments, which were partially offset by decreases related to acquisitions within the Communications segment. For the year ended December 31, 2023, fair value adjustments related primarily to decreases within the Communications segment, which were partially offset by net increases, primarily within the Clean Energy and Infrastructure and Power Delivery segments. The decrease in the Communications segment for the year ended December 31, 2023 included a reduction of approximately $12.3 million related to mandatorily redeemable non-controlling interests. In 2023, the Company acquired the remaining interests of an entity with which it had a mandatorily redeemable non-controlling interest arrangement.

Equity Method Investments

The table below reflects the investment activity of the Waha JVs for the dates indicated (in millions):

			Year Ended December 31,
			2025						2024						2023
Equity in earnings (a)			$	32.9					$	30.8					$	30.3
Distributions of earnings (b)			24.4						18.0						15.4

(a)Equity in earnings related to the Company’s proportionate share of income from the Waha JVs is included within the Company’s Other segment.

(b)Distributions of earnings from the Waha JVs are included within operating cash flows.

X

- Definition

Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

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No definition available.

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X

- Definition

Tabular disclosure of liabilities measured at fair value measured on a recurring or nonrecurring basis. Includes, but is not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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