Fair Value Measures and Disclosures (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Earn-out Liabilities

The following table provides a reconciliation of changes in Earn-out liabilities measured at fair value for the periods indicated (in millions):

	Three Months Ended March 31,
	2025		2024
Balance as of beginning of period (a)	$	112.7	$	77.4
Fair value adjustments (b)	0.9		(6.1)
Payments	(0.5)		—
Balance as of end of period (a)	$	113.1	$	71.3

(a)Earn-out liabilities included within other current liabilities totaled approximately $61.0 million and $70.0 million as of March 31, 2025 and December 31, 2024, respectively.

(b)For the three month period ended March 31, 2025, fair value adjustments related primarily to increases within the Company’s Clean Energy and Infrastructure and Pipeline Infrastructure segments, which were partially offset by decreases related to acquisitions within the Company’s Power Delivery segment. For the three month period ended March 31, 2024, such adjustments related primarily to acquisitions within the Company’s Communications segment.

Summary of Investment Activity

The table below reflects the investment activity of the Waha JVs for the periods indicated (in millions):

	Three Months Ended March 31,
	2025		2024
Equity in earnings (a)	$	8.3	$	7.7
Distributions of earnings (b)	3.7		4.2

(a)Equity in earnings related to the Company’s proportionate share of income from the Waha JVs is included within the Company’s Other segment.

(b)Distributions of earnings from the Waha JVs are included within operating cash flows.