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Goodwill and Intangible Assets | 9 Months Ended
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Sep. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill The following table presents the changes in the carrying amount of goodwill since its inception through September 30, 2025:
(in thousands) |  | Civil |  | Building |  | Specialty Contractors |  | Total
Gross goodwill as of December 31, 2024 |  | $ | 492,074 |  |  | $ | 424,724 |  |  | $ | 156,193 |  |  | $ | 1,072,991 |
Accumulated impairment as of December 31, 2024 |  | (286,931) |  |  | (424,724) |  |  | (156,193) |  |  | (867,848) |
Goodwill as of December 31, 2024 |  | 205,143 |  |  | — |  |  | — |  |  | 205,143 |
Current year activity |  | — |  |  | — |  |  | — |  |  | — |
Goodwill as of September 30, 2025 |  | $ | 205,143 |  |  | $ | — |  |  | $ | — |  |  | $ | 205,143 |
The Company performed its annual impairment test in the fourth quarter of 2024 and concluded goodwill was not impaired. In addition, the Company determined that no triggering events occurred and no circumstances changed since the date of its annual impairment test that would more likely than not reduce the fair value of the Civil reporting unit below its carrying amount. The Company will continue to monitor events and circumstances for changes that indicate the Civil reporting unit goodwill would need to be reevaluated for impairment during future interim periods prior to the annual impairment test. These future events and circumstances include, but are not limited to, changes in the overall financial performance of the Civil reporting unit, as well as other quantitative and qualitative factors which could indicate potential triggering events for possible impairment. Intangible Assets Intangible assets consist of the following:
|  | As of September 30, 2025 |  | Weighted-Average Amortization Period
(in thousands) |  | Cost |  | Accumulated Amortization |  | Accumulated Impairment Charge |  | Carrying Value |
Trade names (non-amortizable) |  | $ | 117,600 |  |  | $ | — |  |  | $ | (67,190) |  |  | $ | 50,410 |  |  | Indefinite
Trade names (amortizable) |  | 69,250 |  |  | (32,037) |  |  | (23,232) |  |  | 13,981 |  |  | 20 years
Contractor license |  | 6,000 |  |  | — |  |  | (6,000) |  |  | — |  |  | N/A
Customer relationships |  | 39,800 |  |  | (23,155) |  |  | (16,645) |  |  | — |  |  | N/A
Construction contract backlog |  | 149,290 |  |  | (149,290) |  |  | — |  |  | — |  |  | N/A
Total |  | $ | 381,940 |  |  | $ | (204,482) |  |  | $ | (113,067) |  |  | $ | 64,391 |  |  |
|  | As of December 31, 2024 |  | Weighted-Average Amortization Period
(in thousands) |  | Cost |  | Accumulated Amortization |  | Accumulated Impairment Charge |  | Carrying Value |
Trade names (non-amortizable) |  | $ | 117,600 |  |  | $ | — |  |  | $ | (67,190) |  |  | $ | 50,410 |  |  | Indefinite
Trade names (amortizable) |  | 69,250 |  |  | (30,359) |  |  | (23,232) |  |  | 15,659 |  |  | 20 years
Contractor license |  | 6,000 |  |  | — |  |  | (6,000) |  |  | — |  |  | N/A
Customer relationships |  | 39,800 |  |  | (23,155) |  |  | (16,645) |  |  | — |  |  | N/A
Construction contract backlog |  | 149,290 |  |  | (149,290) |  |  | — |  |  | — |  |  | N/A
Total |  | $ | 381,940 |  |  | $ | (202,804) |  |  | $ | (113,067) |  |  | $ | 66,069 |  |  |
Amortization expense related to amortizable intangible assets for each of the three and nine months ended September 30, 2025 and 2024 was $0.6 million and $1.7 million, respectively. As of September 30, 2025, future amortization expense related to amortizable intangible assets will be approximately $0.6 million for the remainder of 2025, $2.2 million per year for the years 2026 through 2030 and $2.4 million thereafter. The Company performed its annual impairment test for non-amortizable trade names during the fourth quarter of 2024. Based on this assessment, the Company concluded that its non-amortizable trade names were not impaired. In addition, the Company determined that no triggering events occurred and no circumstances changed since the date of its annual impairment test that would indicate impairment of its non-amortizable trade names. Other amortizable intangible assets are reviewed for impairment whenever circumstances indicate that the future cash flows generated by the assets might be less than the assets’ net carrying value. The Company had no impairment of intangible assets during the three and nine months ended September 30, 2025 or 2024.

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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