| Schedule of Goodwill |
The table below summarizes the changes in the Company’s goodwill balances:
|
|
|
|
|
|
|
Total Goodwill |
|
|
|
(in thousands) |
|
Balance at January 1, 2024 |
|
$ |
217,274 |
|
Acquisitions |
|
|
7,872 |
|
Impairments |
|
|
— |
|
Balance at December 31, 2024 |
|
|
225,146 |
|
Acquisitions |
|
|
127,367 |
|
Impairments |
|
|
— |
|
Balance at December 31, 2025 |
|
$ |
352,513 |
|
|
| Schedule of Carrying Amount Identifiable Intangible Assets |
The table below summarizes the carrying amounts of the Company’s identifiable intangible assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, |
|
|
|
|
|
2025 |
|
|
2024 |
|
|
Weighted Average Amortization Period |
|
|
Gross Carrying Amount |
|
|
Accumulated Amortization |
|
|
Net Carrying Amount |
|
|
Gross Carrying Amount |
|
|
Accumulated Amortization |
|
|
Net Carrying Amount |
|
|
(in years) |
|
|
(in thousands) |
|
|
(in thousands) |
|
Patents (9 years) |
|
9.0 |
|
|
$ |
2,722 |
|
|
$ |
(1,076 |
) |
|
$ |
1,646 |
|
|
$ |
2,722 |
|
|
$ |
(774 |
) |
|
$ |
1,948 |
|
Know-How (7.0 - 15.0 years) |
|
10.5 |
|
|
|
15,686 |
|
|
|
(1,841 |
) |
|
|
13,845 |
|
|
|
2,286 |
|
|
|
(585 |
) |
|
|
1,701 |
|
Customer Backlogs (0.8 - 7.5 years) |
|
2.3 |
|
|
|
47,750 |
|
|
|
(39,782 |
) |
|
|
7,968 |
|
|
|
38,750 |
|
|
|
(35,302 |
) |
|
|
3,448 |
|
Customer Relationships (10 - 19 years) |
|
16.6 |
|
|
|
333,300 |
|
|
|
(70,871 |
) |
|
|
262,429 |
|
|
|
255,600 |
|
|
|
(53,745 |
) |
|
|
201,855 |
|
Total Intangible Assets |
|
|
|
$ |
399,458 |
|
|
$ |
(113,570 |
) |
|
$ |
285,888 |
|
|
$ |
299,358 |
|
|
$ |
(90,406 |
) |
|
$ |
208,952 |
|
|
| Schedule of Amortization Expense |
The table below summarizes the annual amortization expense of the Company for the next five years:
|
|
|
|
2026 |
$ |
29,303 |
|
2027 |
|
23,896 |
|
2028 |
|
22,618 |
|
2029 |
|
22,609 |
|
2030 |
|
22,609 |
|
Thereafter |
|
164,853 |
|
Total |
$ |
285,888 |
|
|