v3.25.2
Fair Value Measures and Disclosures (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Earn-out Liabilities The following table, which may contain slight summation differences due to rounding, provides a reconciliation of changes in Earn-out liabilities measured at fair value for the periods indicated (in millions):
Six Months Ended
June 30,
20252024
Balance as of beginning of period (a)
$112.7 $77.4 
Fair value adjustments (b)
(3.7)(1.8)
Payments(19.2)(4.6)
Balance as of end of period (a)
$89.8 $71.1 
(a)Earn-out liabilities included within other current liabilities totaled approximately $50.7 million and $70.0 million as of June 30, 2025 and December 31, 2024, respectively.
(b)For the six months ended June 30, 2025, fair value adjustments related primarily to decreases within the Company’s Power Delivery segment, which were partially offset by increases primarily within the Company’s Pipeline Infrastructure segment. For the six months ended June 30, 2024, such adjustments related primarily to acquisitions within the Company’s Communications and Pipeline Infrastructure segment.
Summary of Investment Activity The table below reflects the investment activity of the Waha JVs for the periods indicated (in millions):
Three Months Ended
June 30,
Six Months Ended
June 30,
2025202420252024
Equity in earnings (a)
$7.8 $6.4 $16.0 $14.1 
Distributions of earnings (b)
6.1 5.1 9.8 9.3 
(a)Equity in earnings related to the Company’s proportionate share of income from the Waha JVs is included within the Company’s Other segment.
(b)Distributions of earnings from the Waha JVs are included within operating cash flows.