Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets

Goodwill and Intangible Assets

Note 6—Goodwill and Intangible Assets

The change in goodwill by segment for the nine months ended September 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		149,630		61,750		27,278		238,658
Balance at September 30, 2022	$	612,535	$	128,094	$	79,693	$	820,322

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

	September 30, 2022						December 31, 2021
	Gross Carrying Amount		Accumulated Amortization		Intangible assets, net		Gross Carrying Amount		Accumulated Amortization		Intangible assets, net
Tradenames	$	38,920		(22,767)		16,153	$	20,440	$	(19,675)	$	765
Customer relationships		309,527		(55,331)		254,196		215,227		(44,727)		170,500
Non-compete agreements		1,900		(1,900)		—		1,900		(1,845)		55
Total	$	350,347	$	(79,998)	$	270,349	$	237,567	$	(66,247)	$	171,320

Amortization expense of intangible assets was $6.7 million and $4.6 million for the three months ended September 30, 2022 and 2021, respectively, and $13.8 million and $13.5 million for the nine months ended September 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 three months)	$	8,138
2023		27,389
2024		20,220
2025		18,498
2026		16,648
Thereafter		179,456
	$	270,349