v3.26.1
Goodwill and Other Intangible Assets, Net
 6 Months Ended
Jun. 30, 2026
Intangible Asset, Goodwill and Other [Abstract]  
Goodwill and Other Intangible Assets, Net Goodwill and Other Intangible Assets, Net
Goodwill
Goodwill represents the future economic benefits arising from assets acquired in a business combination that are not individually identified and separately recognized. Changes to goodwill during the period are a result of the SE&M acquisition, which primarily consisted of acquiring a highly skilled workforce and future business growth opportunities, along with other expected synergies resulting from the acquisition.
Changes in the Company’s carrying amount of goodwill were as follows:
E&MT&DTotal
(In thousands)
Balance as of December 31, 2025$115,959 $27,265 $143,224 
Goodwill acquired69,029 — 69,029 
Balance as of June 30, 2026$184,988 $27,265 $212,253 
The Company’s reporting units are E&M, T&D, and Wagner Smith Equipment (“WSE”). WSE is within the T&D reportable segment. No impairments of goodwill were recorded for the three and six months ended June 30, 2026 and 2025.
Other Intangible Assets, Net
Finite-Lived Intangible Assets
As of June 30, 2026, finite-lived intangible assets, which were within Other intangible assets, net on the condensed consolidated balance sheet consisted of:
June 30, 2026
Remaining Weighted Average Amortization PeriodGross Carrying AmountAccumulated AmortizationNet Carrying Amount
(In years)(In thousands)
Customer relationships
19.8$39,200 $490 $38,710 
Backlog1.519,300 2,757 16,543 
Total
$58,500 $3,247 $55,253 
Amortization expense for finite-lived intangible assets was $3.2 million for both the three and six months ended June 30, 2026.
As a result of the finite-lived intangible assets balance being fully amortized during the first quarter of 2025, there was no amortization expense during the second quarter of 2025. Hence, amortization expense for finite-lived intangible assets was $0.1 million for the six months ended June 30, 2025.
Amortization expense is recognized in Selling, general and administrative expenses in the unaudited condensed consolidated statements of income.
As of June 30, 2026, future amortization expense for finite-lived intangible assets was estimated to be as follows:
June 30, 2026
(In thousands) 
Remainder of 2026$6,494 
202712,989 
20281,960 
20291,960 
20301,960 
Thereafter29,890 
Total$55,253 
No impairments of finite-lived intangible assets were recorded for the three and six months ended June 30, 2026 and 2025.
Indefinite-Lived Intangible Assets
Changes in the Company’s indefinite-lived intangible assets, consisting of trade names and trademarks, and were within Other intangible assets, net on the condensed consolidated balance sheet, were as follows:
Total
(In thousands)
Balance as of December 31, 2025$— 
Trade names and trademarks acquired15,000 
Balance as of June 30, 2026$15,000 
No impairments of indefinite-lived intangible assets were recorded for the three and six months ended June 30, 2026 and 2025.