GOODWILL AND OTHER INTANGIBLE ASSETS

3 Months Ended

Mar. 31, 2025

GOODWILL AND OTHER INTANGIBLE ASSETS

NOTE 7—GOODWILL AND OTHER INTANGIBLE ASSETS

The Company recorded $13.5 million of goodwill in connection with the Company’s 2024 acquisitions (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 Quarter are as follows:


	Water		Water
	Infrastructure		Services		Total

	(in thousands)
Balance as of December 31, 2024	$	16,777	$	1,438	$	18,215
Additions		—		—		—
Balance as of March 31, 2025	$	16,777	$	1,438	$	18,215

The components of other intangible assets, net as of March 31, 2025 and December 31, 2024 are as follows:


	As of March 31, 2025						As of December 31, 2024
	Gross		Accumulated		Net		Gross		Accumulated		Net
	Value		Amortization		Value		Value		Amortization		Value

	(in thousands)						(in thousands)
Definite-lived
Customer relationships	$	187,706	$	(80,498)	$	107,208	$	187,706	$	(76,638)	$	111,068
Patents and other intellectual property		14,272		(8,905)		5,367		14,272		(8,521)		5,751
Water rights		1,750		(269)		1,481		3,125		(1,510)		1,615
Total definite-lived		203,728		(89,672)		114,056		205,103		(86,669)		118,434
Indefinite-lived
Water rights		5,281		—		5,281		5,281		—		5,281
Total indefinite-lived		5,281		—		5,281		5,281		—		5,281
Total other intangible assets, net	$	209,009	$	(89,672)	$	119,337	$	210,384	$	(86,669)	$	123,715

The weighted-average periods for customer relationships, patents and other intellectual property, and water rights were 12.7 years, 9.7 years and 3.3 years, respectively, and the weighted-average remaining amortization periods for customer relationships, patents and other intellectual property, and water rights were 8.2 years, 5.1 years and 2.8 years, respectively, as of March 31, 2025. See “Note 6—Property and Equipment” for the amortization expense during the Current Quarter and Prior Quarter. 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 2025	$	13,133
2026		17,424
2027		16,922
2028		14,655
2029		14,114
Thereafter		37,808
Total	$	114,056