Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2023

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, 2023 was as follows (in thousands):

	Utilities		Energy		Total
Balance at December 31, 2022		716,284		155,524		871,808
Adjustments to identifiable assets acquired and liabilities assumed		(12,822)		(1,336)		(14,158)
Balance at September 30, 2023	$	703,462	$	154,188	$	857,650

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

	September 30, 2023						December 31, 2022
	Gross Carrying Amount		Accumulated Amortization		Intangible assets, net		Gross Carrying Amount		Accumulated Amortization		Intangible assets, net
Tradenames	$	32,820		(28,716)		4,104	$	32,820	$	(25,611)	$	7,209
Customer relationships		301,927		(73,279)		228,648		301,927		(59,755)		242,172
Total	$	334,747	$	(101,995)	$	232,752	$	334,747	$	(85,366)	$	249,381

Amortization expense of intangible assets was $5.2 million and $6.7 million for the three months ended September 30, 2023 and 2022, respectively, and $16.6 million and $13.8 million for the nine months ended September 30, 2023 and 2022, respectively. Estimated future amortization expense for intangible assets is as follows (in thousands):

	Estimated
	Intangible
	Amortization
For the Years Ending December 31,	Expense
2023 (remaining three months)	$	5,204
2024		19,701
2025		17,661
2026		16,141
2027		15,604
Thereafter		158,441
	$	232,752