v3.26.3
Goodwill and Intangible Assets
9 Months Ended
Sep. 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 nine months ended September 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 September 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):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

September 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

​

$

(121.4)

​

$

302.7

​

$

296.0

​

$

(105.8)

​

$

190.2

Tradename

​

46.4

​

​

(1.9)

​

​

44.5

​

​

—

​

​

—

​

​

—

Backlog

​

24.9

​

​

(10.4)

​

​

14.5

​

​

—

​

​

—

​

​

—

Total

$

495.4

​

$

(133.7)

​

$

361.7

​

$

296.0

​

$

(105.8)

​

$

190.2

​

Amortization expense of intangible assets was $13.5 million and $4.3 million for the three months ended September 30, 2026, and 2025, respectively, and $27.9 million and $13.5 million for the nine months ended September 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 3 months)

​

$

13.5

2027

​

 

37.1

2028

​

 

27.6

2029

​

​

27.6

2030

​

 

27.6

Thereafter

​

 

228.3

​

​

$

361.7

​