Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and intangible assets consisted of the following at December 31:


	2022						2021
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Goodwill
T&D	$	93,240	$	—	$	93,240	$	40,224	$	—	$	40,224
C&I	25,830		—		25,830		25,830		—		25,830
Foreign currency translation	(3,223)		—		(3,223)		11		—		11
Total goodwill	$	115,847	$	—	$	115,847	$	66,065	$	—	$	66,065
Amortizable Intangible Assets
Backlog	$	9,296	$	9,296	$	—	$	5,289	$	5,289	$	—
Customer relationships	71,138		16,094		55,044		31,381		11,179		20,202
Trade names	695		357		338		695		311		384
Below market lease	511		102		409		—		—		—
Foreign currency translation	(2,689)		(410)		(2,279)		1		—		1
Indefinite-lived Intangible Assets
Trade names	34,412		—		34,412		28,441		—		28,441
Foreign currency translation	(367)		—		(367)		26		—		26
Total intangible assets	$	112,996	$	25,439	$	87,557	$	65,833	$	16,779	$	49,054

The increase in goodwill as of December 31, 2022 compared to December 31, 2021 was primarily due to the allocation of $53.0 million of goodwill related to the acquisition of the Powerline Plus Companies identified during the purchase accounting. The increase in intangible assets also related to the acquisition of the Powerline Plus Companies and are being amortized on a straight-line basis over periods ranging up to 15 years. Additional financial information related to this acquisition is provided in Note 2–Acquisitions to the Financial Statements.

Customer relationships, amortizable trade names and backlog are being amortized on a straight-line method over an estimated useful life ranging up to 15 years and the remaining life of the contract, respectively, and have been determined to have no residual value. Certain trade names have indefinite lives and, therefore, are not being amortized. Intangible asset amortization expense was $9.0 million, $2.3 million and $3.6 million for the years ended December 31, 2022, 2021 and 2020, respectively.

As of December 31, 2022, estimated future intangible asset amortization expense for the each of the next five years and thereafter was as follows:


(in thousands)	Future Amortization Expense
2023	$	4,897
2024	4,897
2025	4,897
2026	4,897
2027	4,760
Thereafter	29,164
Total	$	53,512