Goodwill and Identifiable Intangible Assets, Net (Tables)

12 Months Ended

Dec. 31, 2024

Goodwill and Identifiable Intangible Assets, Net

Schedule of changes in the carrying amount of goodwill

The changes in the carrying amount of goodwill are as follows (in thousands):

	Mechanical Segment		Electrical Segment		Total
Balance at December 31, 2022	$	363,929	$	247,860	$	611,789
Acquisitions and purchase price adjustments (See Note 5)		29,347		25,698		55,045
Balance at December 31, 2023		393,276		273,558		666,834
Acquisitions and purchase price adjustments (See Note 5)		208,236		200		208,436
Balance at December 31, 2024	$	601,512	$	273,758	$	875,270

Schedule of components of identifiable intangible assets

Identifiable intangible assets consist of the following (dollars in thousands):

	Weighted-Average	December 31, 2024				December 31, 2023
	Remaining Useful Lives	Gross Book		Accumulated		Gross Book		Accumulated
	in Years	Value		Amortization		Value		Amortization
Customer Relationships	7.2	$	550,518	$	(241,263)	$	376,621	$	(193,338)
Backlog	1.5		54,918		(40,328)		5,900		(4,331)
Trade Names	17.6		151,561		(40,989)		129,661		(34,116)
Total		$	756,997	$	(322,580)	$	512,182	$	(231,785)

Schedule of future amortization expense of identifiable intangible assets

As of December 31, 2024, future amortization expense of identifiable intangible assets was as follows (in thousands):

Year ending December 31—
2025	$	66,576
2026		55,961
2027		53,650
2028		52,103
2029		45,835
Thereafter		160,292
Total	$	434,417