v3.26.1
Acquisitions, Goodwill, and Other Intangible Assets, Net (Tables)
 6 Months Ended
Jun. 30, 2026
Intangible Asset, Goodwill and Other [Abstract]  
Schedule of Goodwill by Segment
The following table provides a reconciliation of changes in goodwill by reportable segment for the period indicated (in millions):
CommunicationsClean Energy and InfrastructurePower DeliveryPipeline InfrastructureTotal Goodwill
Goodwill, gross, as of December 31, 2025
$557.0 $767.5 $397.2 $642.6 $2,364.3 
Accumulated impairment loss (a)
— — — (115.3)(115.3)
Goodwill, net, as of December 31, 2025
$557.0 $767.5 $397.2 $527.3 $2,249.0 
Additions from new business combinations6.2 97.7 — — 103.9 
Measurement period adjustments (b)
(0.9)10.0 — — 9.1 
Currency translation adjustments— — — (2.4)(2.4)
Goodwill, net, as of June 30, 2026
$562.3 $875.2 $397.2 $524.9 $2,359.6 
(a)    Accumulated impairment loss includes the effects of currency translation gains and/or losses.
(b)    Measurement period adjustments represent adjustments, net, to preliminary estimates of fair value within the measurement period of up to one year from the date of acquisition. Measurement period adjustments, net, for the six months ended June 30, 2026 were primarily the result of net working capital and valuation adjustments.
Intangible Asset, Finite-Lived
The following table provides a reconciliation of changes in other intangible assets, net, for the period indicated (in millions):
Other Intangible Assets, Net
Customer Relationships and BacklogTrade Names
Other (a)
Total
Other intangible assets, gross, as of December 31, 2025
$1,113.2 $228.3 $80.0 $1,421.5 
Accumulated amortization(628.8)(83.7)(52.8)(765.3)
Other intangible assets, net, as of December 31, 2025
$484.4 $144.6 $27.2 $656.2 
Additions from new business combinations145.7 2.8 4.0 152.5 
Measurement period adjustments (b)
(1.5)— — (1.5)
Currency translation adjustments(0.7)(0.1)(0.3)(1.1)
Amortization expense(63.1)(10.3)(2.7)(76.1)
Other intangible assets, net, as of June 30, 2026
$564.8 $137.0 $28.2 $730.0 
(a)Consists principally of pre-qualifications, intellectual property and non-compete agreements. Additions for the six months ended June 30, 2026 related to the first quarter asset acquisition included within the Company’s Pipeline Infrastructure segment.
(b)Represents adjustments, net, to preliminary estimates of fair value within the measurement period of up to one year from the date of acquisition. Measurement period adjustments, net, for the six months ended June 30, 2026 relate primarily to decreases in amortizing intangible assets resulting from valuation adjustments.
Business Combination, Contingent Consideration
The following table summarizes, as of June 30, 2026, the estimated fair values of the consideration paid, net assets acquired, and non-controlling interest assumed for the Company’s acquisition of McKee (in millions):
Acquisition consideration:Total
Cash paid$262.4 
Less: cash acquired(24.8)
Total consideration paid, net$237.6 
Assets acquired and liabilities assumed:
Accounts receivable and contract assets$79.7 
Prepaid expenses14.7 
Property and equipment42.1 
Long-term assets, primarily operating lease right-of-use assets2.2 
Amortizing intangible assets141.5 
Accounts payable(30.0)
Contract liabilities(22.9)
Other accrued expenses(2.6)
Long-term liabilities, primarily operating lease liabilities and deferred income taxes(45.9)
Total identifiable net assets, excluding cash$178.9 
Goodwill100.5 
Total net assets, excluding cash$279.4 
Less: non-controlling interest(41.8)
Total net assets acquired$237.6 
Business Combination, Pro Forma Information
The following table provides unaudited supplemental pro forma results for the periods indicated (in millions):
Three Months Ended
June 30,
Six Months Ended
June 30,
2026202520262025
Revenue$4,375.0 $3,686.6 $8,206.1 $6,632.6 
Net income147.7 96.2 219.5 101.3