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Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2025

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):


		June 30,			December 31,
Reporting Segment		2025			2024
Utilities		$	703,462		$	703,462
Energy			153,407			153,407
Total Goodwill		$	856,869		$	856,869

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


	June 30, 2025									December 31, 2024
	Gross Carrying Amount			Accumulated Amortization			Intangible Assets, Net			Gross Carrying Amount			Accumulated Amortization			Intangible Assets, Net
Tradenames	$	19,220		$	(19,067)		$	153		$	19,220		$	(18,151)		$	1,069
Customer relationships		295,977			(97,467)			198,510			295,977			(89,150)			206,827
Total	$	315,197		$	(116,534)		$	198,663		$	315,197		$	(107,301)		$	207,896

Amortization expense of intangible assets was $4.6 million and $5.1 million for the three months ended June 30, 2025, and 2024, respectively, and $9.2 million and $10.3 million for the six months ended June 30, 2025 and 2024, respectively. Estimated future amortization expense for intangible assets is as follows (in thousands):


		Estimated
		Intangible
		Amortization
For the Years Ending December 31,		Expense
2025 (remaining six months)			8,422
2026			16,135
2027			15,598
2028			14,375
2029			14,375
Thereafter			129,758
		$	198,663