| Goodwill and Intangible Assets |
6.Goodwill and Intangible Assets The table below summarizes the changes in the Company’s goodwill balances:
|
|
|
|
|
|
|
Total Goodwill |
|
|
|
(in thousands) |
|
Balance at January 1, 2025 |
|
$ |
225,146 |
|
Acquisitions |
|
|
127,367 |
|
Impairments |
|
|
— |
|
Balance at December 31, 2025 |
|
|
352,513 |
|
Acquisitions |
|
|
145,635 |
|
Impairments |
|
|
— |
|
Balance at June 30, 2026 |
|
$ |
498,148 |
|
The table below summarizes the carrying amounts of the Company’s identifiable intangible assets as of June 30, 2026 and December 31, 2025, respectively:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of June 30, 2026 |
|
|
As of December 31, 2025 |
|
|
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) |
|
Trade Name (3.0 years) |
|
3.0 |
|
|
$ |
2,000 |
|
|
$ |
(278 |
) |
|
$ |
1,722 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Patents (9 years) |
|
9.0 |
|
|
|
2,722 |
|
|
|
(1,227 |
) |
|
|
1,495 |
|
|
|
2,722 |
|
|
|
(1,076 |
) |
|
|
1,646 |
|
Know-How (7.0 - 15.0 years) |
|
10.2 |
|
|
|
33,686 |
|
|
|
(3,433 |
) |
|
|
30,253 |
|
|
|
15,686 |
|
|
|
(1,841 |
) |
|
|
13,845 |
|
Customer Backlogs (0.8 - 7.5 years) |
|
3.2 |
|
|
|
71,250 |
|
|
|
(46,669 |
) |
|
|
24,581 |
|
|
|
47,750 |
|
|
|
(39,782 |
) |
|
|
7,968 |
|
Customer Relationships (10.0 - 19.0 years) |
|
16.6 |
|
|
|
333,300 |
|
|
|
(81,182 |
) |
|
|
252,118 |
|
|
|
333,300 |
|
|
|
(70,871 |
) |
|
|
262,429 |
|
Customer Contracts (8.0 years) |
|
8.0 |
|
|
|
17,500 |
|
|
|
(911 |
) |
|
|
16,589 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total Intangible Assets |
|
|
|
$ |
460,458 |
|
|
$ |
(133,700 |
) |
|
$ |
326,758 |
|
|
$ |
399,458 |
|
|
$ |
(113,570 |
) |
|
$ |
285,888 |
|
Amortization expense was $9.2 million and $5.5 million for the three months ended June 30, 2026 and 2025, respectively, which was recorded in general and administrative expenses in the accompanying condensed consolidated statements of income. Amortization expense was $20.1 million and $9.9 million for the six months ended June 30, 2026 and 2025, respectively, which was recorded in general and administrative expenses in the accompanying condensed consolidated statements of income.
|