Acquisitions, Goodwill and Other Intangible Assets, Net (Tables)

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Rollforward of Goodwill by Reportable Segment

The following table provides a reconciliation of changes in goodwill by reportable segment for the periods indicated (in millions):

	Communications		Clean Energy and Infrastructure		Power Delivery		Pipeline Infrastructure		Total Goodwill
Goodwill, gross, as of December 31, 2022	$	606.1	$	703.3	$	270.1	$	582.2	$	2,161.7
Accumulated impairment loss (a)	—		—		—		(116.7)		(116.7)
Goodwill, net, as of December 31, 2022	$	606.1	$	703.3	$	270.1	$	465.5	$	2,045.0
Additions from new business combinations	41.4		—		—		—		41.4
Measurement period adjustments (b)	(0.6)		38.7		0.7		0.8		39.6
Currency translation adjustments	—		—		—		0.4		0.4
Goodwill, net, as of December 31, 2023	$	646.9	$	742.0	$	270.8	$	466.7	$	2,126.4
Additions from new business combinations	—		0.3		23.5		53.4		77.2
Measurement period adjustments	0.7		—		—		—		0.7
Currency translation adjustments	—		—		—		(1.2)		(1.2)
Goodwill, net, as of December 31, 2024	$	647.6	$	742.3	$	294.3	$	518.9	$	2,203.1
Accumulated impairment loss (a)	—		—		—		(110.3)		(110.3)
Goodwill, gross, as of December 31, 2024	$	647.6	$	742.3	$	294.3	$	629.2	$	2,313.4

(a)    Accumulated impairment loss includes the effects of currency translation gains and/or losses.

(b)    Measurement period adjustments represent adjustments, net, to preliminary estimates of fair value within the measurement period of up to one year from the date of acquisition. Measurement period adjustments, net, for the year ended December 31, 2023 were primarily the result of (i) updated valuations of, and estimated useful lives for, certain fixed assets, and (ii) updated estimates related to certain assets and liabilities, including contract assets and contingent liabilities. For the year ended December 31, 2023, these updates resulted in (i) related to fixed assets, a decrease in depreciation expense of approximately $6 million, and (ii) related to contracts assets and liabilities, an increase in revenue of approximately $35 million and a decrease in costs of revenue, excluding depreciation and amortization, of approximately $8 million. Measurement period adjustments for the year ended December 31, 2023 also included a decrease in deferred tax liabilities of approximately $36 million, an increase in contingent liabilities of approximately $28 million, including for insurance, legal and other matters, and fair value increases of approximately $10 million for certain property and equipment.

Schedule of Finite-Lived Intangible Assets

The following table provides a reconciliation of changes in other intangible assets, net, for the periods indicated (in millions):

	Other Intangible Assets, Net
	Customer Relationships and Backlog		Trade Names (a)		Other (b)		Total
Other intangible assets, gross, as of December 31, 2022	$	1,089.4	$	228.9	$	86.6	$	1,404.9
Accumulated amortization	(388.8)		(28.9)		(40.9)		(458.6)
Other intangible assets, net, as of December 31, 2022	$	700.6	$	200.0	$	45.7	$	946.3
Additions from new business combinations	6.7		0.1		—		6.8
Currency translation adjustments	—		—		0.4		0.4
Amortization expense	(140.0)		(20.9)		(8.3)		(169.2)
Other intangible assets, net, as of December 31, 2023	$	567.3	$	179.2	$	37.8	$	784.3
Additions from new business combinations	81.0		3.2		—		84.2
Currency translation adjustments	—		—		(1.2)		(1.2)
Amortization expense	(114.1)		(19.4)		(6.4)		(139.9)
Other intangible assets, net, as of December 31, 2024	$	534.2	$	163.0	$	30.2	$	727.4
Remaining weighted average amortization, in years	12		12		8		12

(a)    Includes approximately $34.5 million of a non-amortizing trade name as of both December 31, 2023 and 2022. In connection with its fourth quarter 2024 assessment of goodwill and indefinite-lived intangible assets, management reassessed the indefinite-life classification of its $34.5 million non-amortizing trade name intangible asset. Management determined that, based on changes in the asset’s characteristics, a finite-life classification for this asset was more appropriate. As a result, the Company changed the classification of this intangible asset from indefinite-lived to finite-lived and began amortizing it in the fourth quarter of 2024, at which time its estimated remaining useful life was approximately 12 years.

(b)    Consists principally of pre-qualifications and non-compete agreements.

Schedule of Expected Future Amortization Expense

Expected future amortization expense as of December 31, 2024 is summarized in the following table (in millions):

	Amortization Expense
2025	$	130.4
2026	107.5
2027	96.3
2028	80.8
2029	68.4
Thereafter	244.0
Total	$	727.4

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes, as of December 31, 2023, the fair values of the consideration paid and net assets acquired, as adjusted, for the Company’s 2022 acquisitions (in millions):

Acquisition consideration:	IEA		All other		Total
Cash, net of cash acquired	$	564.5	$	48.7	$	613.2
Shares transferred	173.7		—		173.7
Estimated fair value of warrants	10.3		—		10.3
Estimated fair value of contingent consideration	—		2.8		2.8
Total consideration	$	748.5	$	51.5	$	800.0
Identifiable assets acquired and liabilities assumed:
Accounts receivable and contract assets	$	570.0	$	6.1	$	576.1
Current assets	34.5		1.6		36.1
Property and equipment	222.5		30.1		252.6
Long-term assets, primarily operating lease right-of-use assets	40.6		0.3		40.9
Amortizing intangible assets	362.2		5.9		368.1
Accounts payable	(136.5)		(4.6)		(141.1)
Contract liabilities	(151.3)		(1.5)		(152.8)
Current liabilities, primarily accrued expenses	(326.2)		(1.4)		(327.6)
Long-term debt, including finance lease obligations	(330.8)		(0.2)		(331.0)
Long-term liabilities, primarily operating lease liabilities and deferred income taxes	(105.3)		(0.2)		(105.5)
Total identifiable net assets	$	179.7	$	36.1	$	215.8
Goodwill	568.8		15.4		584.2
Total net assets acquired, including goodwill	$	748.5	$	51.5	$	800.0

Business Acquisition, Pro Forma Information

The following table provides unaudited supplemental pro forma results for the periods indicated (in millions):

	For the Years Ended December 31,
	2024		2023		2022
Revenue	$	12,453.1	$	12,162.5	$	11,617.7
Net income (loss)	202.5		(48.4)		7.4