v3.26.1
Goodwill and Intangible Assets
6 Months Ended
Jun. 30, 2026
Goodwill and Intangible Assets  
Goodwill and Intangible Assets

Note 6—Goodwill and Intangible Assets

The change in goodwill by reportable segment for the six months ended June 30, 2026, was as follows (in millions):

Utilities

Energy

Total

Balance at December 31, 2025

$

703.5

$

153.4

$

856.9

Goodwill acquired during the period

 

194.6

194.6

Balance at June 30, 2026

$

703.5

$

348.0

$

1,051.5

The table below shows the intangible asset amounts, which are amortized on a straight-line basis (in millions):

June 30, 2026

December 31, 2025

Gross Carrying
Amount

  ​ ​ ​

Accumulated
Amortization

  ​ ​ ​

Intangible Assets, Net

  ​ ​ ​

Gross Carrying
Amount

  ​ ​ ​

Accumulated
Amortization

  ​ ​ ​

Intangible Assets, Net

Customer relationships

$

424.1

$

(115.3)

$

308.8

$

296.0

$

(105.8)

$

190.2

Tradename

46.4

(0.8)

45.6

Backlog

24.9

(4.1)

20.8

Total

$

495.4

$

(120.2)

$

375.2

$

296.0

$

(105.8)

$

190.2

Amortization expense of intangible assets was $10.4 million and $4.6 million for the three months ended June 30, 2026, and 2025, respectively, and $14.4 million and $9.2 million for the six months ended June 30, 2026 and 2025, respectively. Estimated future amortization expense for intangible assets is as follows (in millions):

Estimated

Intangible

Amortization

For the Years Ending December 31, 

  ​ ​ ​

Expense

2026 (remaining 6 months)

$

27.1

2027

 

37.1

2028

 

27.6

2029

27.6

2030

 

27.6

Thereafter

 

228.2

$

375.2