Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2022

Goodwill and Intangible Assets

Goodwill and Intangible Assets

Note 6—Goodwill and Intangible Assets

The change in goodwill by segment for the six months ended June 30, 2022 was as follows (in thousands):

	Utilities		Energy/Renewables		Pipeline		Total
Balance at December 31, 2021	$	462,905	$	66,344	$	52,415	$	581,664
Goodwill acquired during the period		8,059		1,923		—		9,982
Balance at June 30, 2022	$	470,964	$	68,267	$	52,415	$	591,646

The table below summarizes the intangible asset categories and amounts, which are amortized on a straight-line basis (in thousands):

	June 30, 2022						December 31, 2021
	Gross Carrying Amount		Accumulated Amortization		Intangible assets, net		Gross Carrying Amount		Accumulated Amortization		Intangible assets, net
Tradenames	$	21,270		(20,261)		1,009	$	20,440	$	(19,675)	$	765
Customer relationships		226,227		(51,159)		175,068		215,227		(44,727)		170,500
Non-compete agreements		1,900		(1,900)		—		1,900		(1,845)		55
Total	$	249,397	$	(73,320)	$	176,077	$	237,567	$	(66,247)	$	171,320

Amortization expense of intangible assets was $3.5 million and $4.7 million for the three months ended June 30, 2022 and 2021, respectively, and $7.1 million and $8.8 million for the six months ended June 30, 2022 and 2021. Estimated future amortization expense for intangible assets is as follows (in thousands):

	Estimated
	Intangible
	Amortization
For the Years Ending December 31,	Expense
2022 (remaining six months)	$	7,144
2023		13,304
2024		12,240
2025		11,518
2026		11,068
Thereafter		120,803
	$	176,077