Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]


8.			GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill

Reporting Units—The Company’s reporting units consist of its Transportation Solutions, E-Infrastructure Solutions and Building Solutions segments. Goodwill is not amortized, but instead is reviewed for impairment at least annually during the fourth quarter of each year at the reporting level, absent any interim indicators of impairment or other factors requiring an assessment.

Annual Impairment Assessment—For our 2021 annual impairment test we performed a qualitative assessment, using information as of October 1. Under current guidance, we are permitted to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform a quantitative goodwill impairment test. We determined there were no factors indicating the need to perform a quantitative goodwill impairment test and concluded that it is more likely than not the fair value of our reporting units is greater than their carrying value and thus there was no impairment to goodwill.

In addition to our annual review, we assess the impairment of goodwill whenever events or changes in circumstances indicate that the carrying value of a reporting unit may be greater than fair value. Factors that could trigger an interim impairment review include, but are not limited to, significant adverse changes in the business climate which may be indicated by a decline in our market capitalization or decline in operating results. No impairments were recorded to our goodwill during the years ended December 31, 2021, 2020 and 2019. No material events or changes occurred between the testing date and year end to trigger a subsequent impairment review.

At December 31, 2021 and 2020, we had goodwill with a carrying amount of $259,791 and $192,014, respectively. The following table presents goodwill by reportable segment:


	As of December 31,
	2021		2020
Goodwill
Transportation Solutions	$	54,806	$	54,806
E-Infrastructure Solutions	174,560		106,783
Building Solutions	30,425		30,425
Total Goodwill	$	259,791	$	192,014

Other Intangible Assets

The following table presents our acquired finite-lived intangible assets, including the weighted-average useful lives for each major intangible asset category and in total:


		December 31, 2021				December 31, 2020
	Weighted Average Life (Years)	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Customer relationships	25	$	274,923	$	(25,838)	$	232,623	$	(16,360)
Trade name	24	57,607		(4,726)		30,107		(3,209)
Non-compete agreements	5	2,487		(1,230)		2,487		(761)
Total	24	$	335,017	$	(31,794)	$	265,217	$	(20,330)

During the years ended December 31, 2021, 2020 and 2019, we have amortized $11,464, $11,436, and $4,695 respectively. Amortization expense is anticipated to be approximately $14,100, $14,000, $13,800, $13,500, and $13,500 for 2022, 2023, 2024, 2025 and 2026, respectively.