GOODWILL AND OTHER INTANGIBLE ASSETS

3 Months Ended

Mar. 31, 2026

GOODWILL AND OTHER INTANGIBLE ASSETS

NOTE 7—GOODWILL AND OTHER INTANGIBLE ASSETS

The Company recorded no adjustments to goodwill during the Current Quarter 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 Quarter 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 March 31, 2026	$	47,047	$	1,438		$	48,485

The components of other intangible assets, net as of March 31, 2026 and December 31, 2025 are as follows:


	As of March 31, 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	$	(95,456)	$	91,774	$	187,230	$	(91,596)	$	95,634
Patents and other intellectual property		14,272		(10,444)		3,828		14,272		(10,060)		4,212
Water rights		1,925		(809)		1,116		1,750		(673)		1,077
Total definite-lived		203,427		(106,709)		96,718		203,252		(102,329)		100,923
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	$	208,708	$	(106,709)	$	101,999	$	208,533	$	(102,329)	$	106,204

The weighted-average periods for customer relationships, patents and other intellectual property, and water rights were 12.8 years, 9.8 years and 4.3 years, respectively, and the weighted-average remaining amortization periods for customer relationships, patents and other intellectual property, and water rights were 7.5 years, 4.8 years and 3.0 years, respectively, as of March 31, 2026. 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 2026		$	13,062
2027			16,940
2028			14,672
2029			14,131
2030			11,742
Thereafter			26,171
Total		$	96,718