Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

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


	2024						2023
(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	$	93,240	$	—	$	93,240
C&I	25,830		—		25,830		25,830		—		25,830
Foreign currency translation	(6,087)		—		(6,087)		(2,117)		—		(2,117)
Total goodwill	$	112,983	$	—	$	112,983	$	116,953	$	—	$	116,953
Amortizable Intangible Assets
Backlog	$	9,296	$	9,296	$	—	$	9,296	$	9,296	$	—
Customer relationships	71,139		25,319		45,820		71,139		20,905		50,234
Trade names	695		450		245		695		403		292
Below market lease	511		283		228		511		200		311
Foreign currency translation	(5,073)		(775)		(4,298)		(1,768)		(270)		(1,498)
Indefinite-lived Intangible Assets
Trade names	34,413		—		34,413		34,412		—		34,412
Foreign currency translation	(717)		—		(717)		(235)		—		(235)
Total intangible assets	$	110,264	$	34,573	$	75,691	$	114,050	$	30,534	$	83,516

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 $4.9 million, $4.9 million and $9.0 million for the years ended December 31, 2024, 2023 and 2022, respectively.

As of December 31, 2024, estimated future intangible asset amortization expense for the each of the next five years and thereafter was as follows:


(in thousands)	Future Amortization Expense
2025	$	4,749
2026	4,749
2027	4,617
2028	4,607
2029	4,569
Thereafter	18,704
Total	$	41,995