Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets

Goodwill and Intangible Assets

Note 5—Goodwill and Intangible Assets

The carrying amount of goodwill by reportable segment was as follows (in thousands):

	March 31,		December 31,
Reporting Segment	2024		2023
Utilities	$	703,462	$	703,462
Energy		154,188		154,188
Total Goodwill	$	857,650	$	857,650

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

	March 31, 2024						December 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Intangible assets, net		Gross Carrying Amount		Accumulated Amortization		Intangible assets, net
Tradenames	$	19,220		(16,483)		2,737	$	19,220	$	(15,799)	$	3,421
Customer relationships		295,977		(76,345)		219,632		295,977		(71,837)		224,140
Total	$	315,197	$	(92,828)	$	222,369	$	315,197	$	(87,636)	$	227,561

Amortization expense of intangible assets was $5.2 million and $6.1 million for the three months ended March 31, 2024, and 2023, respectively. Estimated future amortization expense for intangible assets is as follows (in thousands):

	Estimated
	Intangible
	Amortization
For the Years Ending December 31,	Expense
2024 (remaining nine months)	$	14,497
2025		17,661
2026		16,141
2027		15,604
2028		14,381
Thereafter		144,085
	$	222,369