Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2024

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Goodwill and Other Intangible Assets

GOODWILL AND OTHER INTANGIBLE ASSETS

The carrying value of goodwill as of December 31, 2024 and 2023 was as follows:

(in millions)	Regulated Energy		Unregulated Energy		Total Goodwill
Balance at December 31, 2023	$	468.7	$	39.5	$	508.2
Reductions (1)	(0.4)		(0.1)		(0.5)
Balance at December 31, 2024	$	468.3	$	39.4	$	507.7

(1) Adjustments to goodwill in our Regulated Energy segment attributable to purchase accounting adjustments related to our acquisition of FCG in November 2023. Adjustments in the Unregulated Energy segment relate to the sale of certain assets in our propane distribution business during 2024. See Note 4 for additional details.

There were no goodwill impairments recognized during the three-year period ended December 31, 2024.

The carrying value and accumulated amortization of intangible assets subject to amortization as of December 31, 2024 and 2023 were as follows:

	As of December 31,
	2024				2023
(in millions)	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Customer relationships	$	17.0	$	8.2	$	17.0	$	7.1
Non-Compete agreements	3.1		2.3		3.1		1.9
Patents (1)	6.6		1.2		6.6		0.9
Other	0.3		0.3		0.3		0.2
Total	$	27.0	$	12.0	$	27.0	$	10.1

(1) Includes amounts related to patented technology developed by Marlin Gas Services and the acquisition of Planet Found.

The customer relationships, non-compete agreements, patents and other intangible assets acquired in the purchases of the operating assets of several companies are being amortized over a weighted average of 14 years. Amortization expense of intangible assets for the year ended December 31, 2024, 2023 and 2022 was $1.9 million, $1.8 million and $1.5 million, respectively. Amortization expense of intangible assets is expected to be $1.8 million for 2025, $1.6 million for 2026, $1.5 million for 2027 and