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GOODWILL AND OTHER INTANGIBLE ASSETS | 6 Months Ended
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Jun. 30, 2026
GOODWILL AND OTHER INTANGIBLE ASSETS |
GOODWILL AND OTHER INTANGIBLE ASSETS | NOTE 7—GOODWILL AND OTHER INTANGIBLE ASSETS The Company recorded no adjustments to goodwill during the Current Period and $30.3 million of goodwill during 2025 (See “Note 3—Acquisitions”). Goodwill is evaluated for impairment annually, or more frequently if indicators of impairment exist. The changes in the carrying amounts of goodwill by reportable segment for the Current Period are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Water | ​ | Water | ​ | ​ | ​
​ | ​ ​ ​ | Infrastructure | ​ ​ ​ | Services | ​ ​ ​ | Total
​ | ​ | (in thousands)
Balance as of December 31, 2025 | ​ | $ | 47,047 | ​ | $ | 1,438 | ​ | $ | 48,485
Additions | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Balance as of June 30, 2026 | ​ | $ | 47,047 | ​ | $ | 1,438 | ​ | $ | 48,485
​ During the Current Quarter, the Company added $10.4 million of indefinite-lived water rights in connection with the BRR asset acquisition (See “Note 3—Acquisitions”). The components of other intangible assets, net as of June 30, 2026 and December 31, 2025 are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of June 30, 2026 | ​ | As of December 31, 2025
​ | ​ ​ ​ | Gross | ​ ​ ​ | Accumulated | ​ ​ ​ | Net | ​ ​ ​ | Gross | ​ | Accumulated | ​ ​ ​ | Net
​ | ​ | Value | ​ | Amortization | ​ | Value | ​ | Value | ​ | Amortization | ​ | Value
​ | ​ | (in thousands) | ​ | (in thousands)
Definite-lived | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Customer relationships | ​ | $ | 187,230 | ​ | $ | (99,314) | ​ | $ | 87,916 | ​ | $ | 187,230 | ​ | $ | (91,596) | ​ | $ | 95,634
Patents and other intellectual property | ​ | ​ | 14,272 | ​ | ​ | (10,829) | ​ | ​ | 3,443 | ​ | ​ | 14,272 | ​ | ​ | (10,060) | ​ | ​ | 4,212
Water rights | ​ | ​ | 1,925 | ​ | ​ | (951) | ​ | ​ | 974 | ​ |  | 1,750 | ​ |  | (673) | ​ |  | 1,077
Total definite-lived | ​ | ​ | 203,427 | ​ | ​ | (111,094) | ​ | ​ | 92,333 | ​ | ​ | 203,252 | ​ | ​ | (102,329) | ​ | ​ | 100,923
Indefinite-lived | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Water rights | ​ | ​ | 15,705 | ​ | ​ | — | ​ | ​ | 15,705 | ​ | ​ | 5,281 | ​ | ​ | — | ​ | ​ | 5,281
Total indefinite-lived | ​ | ​ | 15,705 | ​ | ​ | — | ​ | ​ | 15,705 | ​ | ​ | 5,281 | ​ | ​ | — | ​ | ​ | 5,281
Total other intangible assets, net | ​ | $ | 219,132 | ​ | $ | (111,094) | ​ | $ | 108,038 | ​ | $ | 208,533 | ​ | $ | (102,329) | ​ | $ | 106,204
​ The weighted-average periods for customer relationships, patents and other intellectual property, and water rights were 12.9 years, 9.9 years and 4.4 years, respectively, and the weighted-average remaining amortization periods for customer relationships, patents and other intellectual property, and water rights were 7.3 years, 4.8 years and 2.9 years, respectively, as of June 30, 2026. See “Note 6—Property and Equipment” for the amortization expense during the Current Quarter, Prior Quarter, Current Period and Prior Period. The indefinite-lived water rights are generally subject to renewal every five to ten years at immaterial renewal costs. Annual amortization of intangible assets for the next five years and beyond is as follows: ​
​ | ​ | ​ | ​
​ | ​ ​ ​ | Amount
​ | ​ | (in thousands)
Remainder of 2026 | ​ | $ | 8,677
2027 | ​ |  | 16,940
2028 | ​ |  | 14,672
2029 | ​ |  | 14,131
2030 | ​ |  | 11,742
Thereafter | ​ | ​ | 26,171
Total | ​ | $ | 92,333
​

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