v3.26.3
Acquisitions, Goodwill, and Other Intangible Assets, Net (Tables)
 9 Months Ended
Sep. 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 combinations6.3 97.7 639.2 30.7 773.9 
Measurement period adjustments (b)
(0.6)17.7 — (0.1)17.0 
Currency translation adjustments— — — (2.6)(2.6)
Goodwill, net, as of September 30, 2026
$562.7 $882.9 $1,036.4 $555.3 $3,037.3 
(a)    Accumulated impairment loss includes the effects of currency translation gains and/or losses.
(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 nine months ended September 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 Backlog (a)
Trade Names
Other (b)
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 combinations1,137.9 88.9 4.0 1,230.8 
Measurement period adjustments (c)
(1.5)— — (1.5)
Currency translation adjustments(0.7)(0.1)(0.3)(1.1)
Amortization expense(130.0)(17.3)(4.1)(151.4)
Other intangible assets, net, as of September 30, 2026
$1,490.1 $216.1 $26.8 $1,733.0 
(a)As of September 30, 2026 and December 31, 2025, the gross amount of customer relationships totaled $2,053.8 million and $1,051.3 million, respectively, and, net of accumulated amortization, totaled $1,388.6 million and $465.2 million, respectively.
(b)Consists principally of pre-qualifications, intellectual property and non-compete agreements. Additions for the nine months ended September 30, 2026 related to the first quarter asset acquisition included within the Company’s Pipeline Infrastructure segment.
(c)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 nine months ended September 30, 2026 related primarily to decreases in amortizing intangible assets resulting from valuation adjustments.
Business Combination, Contingent Consideration
The following table summarizes, as of September 30, 2026, the estimated fair values of the consideration paid, net assets acquired, and non-controlling interest assumed for the Company’s 2026 acquisitions (in millions):
Acquisition consideration:McKeeSuperiorAll Others
Cash paid$261.4 $1,297.7 $128.3 
Value of shares transferred— 410.5 — 
Estimated fair value of contingent consideration— 179.4 15.5 
Less: cash acquired(24.8)(59.6)(0.3)
Total consideration paid, net$236.6 $1,828.0 $143.5 
Assets acquired and liabilities assumed:
Accounts receivable and contract assets$79.7 $495.5 $40.2 
Property and equipment42.1 9.8 59.2 
Amortizing intangible assets141.5 1,034.0 44.3 
Other assets (a)
17.4 87.1 0.7 
Accounts payable(30.0)(182.9)(22.1)
Contract liabilities(22.9)(181.6)(3.6)
Other accrued expenses(11.6)(32.3)(11.0)
Other liabilities (b)
(43.7)(19.9)(1.3)
Total identifiable net assets, excluding cash$172.4 $1,209.7 $106.5 
Goodwill105.8 639.2 37.0 
Total net assets, excluding cash$278.2 $1,848.9 $143.5 
Less: non-controlling interest(41.6)(20.9)— 
Total net assets acquired$236.6 $1,828.0 $143.5 
(a)Other assets acquired primarily consist of prepaid expenses and operating lease right-of-use assets, and for the Superior acquisition, the basis in equity method investments.
(b)Other liabilities acquired include operating lease liabilities and, for the McKee acquisition, deferred income taxes.
Fair Values of Identifiable Intangible Assets The following table summarizes the estimated fair values of identifiable intangible assets for the Company’s 2026 acquisitions as of September 30, 2026, and the related weighted average amortization periods by type (in millions):
Estimated Fair Value
Weighted Average Amortization Period (in years)McKeeSuperiorAll Others
Customer relationships
9.8
$108.3 $856.0 $40.7 
Backlog
1.5
30.4 95.0 0.5 
Trade names
9.2
2.8 83.0 3.1 
Total identifiable intangible assets$141.5 $1,034.0 $44.3 
Business Combination, Pro Forma Information
The following table provides unaudited supplemental pro forma results for the periods indicated (in millions):
Three Months Ended
September 30,
Nine Months Ended
September 30,
2026202520262025
Revenue$5,252.0 $4,346.5 $14,288.8 $11,477.5 
Net income174.3 174.6 403.0 276.9