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Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets

Goodwill and Intangible Assets

Note 5—Goodwill and Intangible Assets

The carrying amount of goodwill by reportable segment was as follows (in thousands):


		September 30,			December 31,
Reporting Segment		2024			2023
Utilities		$	703,462		$	703,462
Energy			154,188			154,188
Total Goodwill		$	857,650		$	857,650

The table below summarizes the intangible asset categories and amounts, which are amortized on a straight-line basis (in thousands):


	September 30, 2024									December 31, 2023
	Gross Carrying Amount			Accumulated Amortization			Intangible assets, net			Gross Carrying Amount			Accumulated Amortization			Intangible assets, net
Tradenames	$	19,220		$	(17,692)		$	1,528		$	19,220		$	(15,799)		$	3,421
Customer relationships		295,977			(84,950)			211,027			295,977			(71,837)			224,140
Total	$	315,197		$	(102,642)		$	212,555		$	315,197		$	(87,636)		$	227,561

Amortization expense of intangible assets was $4.7 million and $5.2 million for the three months ended September 30, 2024, and 2023, respectively, and $15.0 million and $16.6 million for the nine months ended September 30, 2024 and 2023, respectively. Estimated future amortization expense for intangible assets is as follows (in thousands):


		Estimated
		Intangible
		Amortization
For the Years Ending December 31,		Expense
2024 (remaining three months)		$	4,658
2025			17,661
2026			16,141
2027			15,604
2028			14,381
Thereafter			144,110
		$	212,555