Goodwill and Related Intangible Assets

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

Goodwill

The changes in the carrying amount of goodwill for the three months ended March 31, 2026 are as follows (in thousands):


	Residential		Agtech		Infrastructure		Total
Balance at December 31, 2025	$	261,747	$	121,607	$	31,678	$	415,032

Acquired goodwill	519,029		—		—		519,029
Adjustments to prior year acquisitions	(1,609)		—		—		(1,609)
Foreign currency translation	—		(233)		—		(233)
Balance at March 31, 2026	$	779,167	$	121,374	$	31,678	$	932,219

Goodwill is recognized net of accumulated impairment losses of $133.2 million as of March 31, 2026 and December 31, 2025.

The Company is required to regularly assess whether a triggering event has occurred which would require interim impairment testing. The Company determined that no triggering event had occurred as of March 31, 2026 which would require an interim impairment test to be performed.

Intangible Assets

Intangible assets consisted of the following (in thousands):


	March 31, 2026				December 31, 2025
	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Indefinite-lived intangible assets:
Trademarks	$	19,570	$	—	$	19,570	$	—
Finite-lived intangible assets:

Trademarks	123,300		3,526		13,300		2,253
Unpatented technology	26,648		23,285		26,698		22,851
Customer relationships	671,098		39,394		139,835		30,743

	821,046		66,205		179,833		55,847
Total intangible assets	$	840,616	$	66,205	$	199,403	$	55,847

The following table summarizes the intangible asset amortization expense (in thousands):


	Three Months Ended March 31,
	2026		2025
Amortization expense	$	10,333	$	3,421

Amortization expense related to intangible assets for the remainder of fiscal 2026 and the next five years thereafter is estimated as follows (in thousands):


	2026		2027		2028		2029		2030		2031
Amortization expense	$	40,746	$	53,994	$	53,754	$	53,692	$	52,652	$	52,164