Goodwill and Other Intangible Assets

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets

Goodwill

The Company’s carrying amount of goodwill remained unchanged at $143.2 million as of both September 30, 2024 and December 31, 2023. The Company has determined that its reporting units are Electrical & Mechanical, Transmission & Distribution, and Wagner Smith Equipment (“WSE”). WSE is within the Transmission & Distribution reportable segment. Goodwill also remained unchanged for each reportable segment as of both September 30, 2024 and December 31, 2023, with $115.9 million for Electrical & Mechanical and $27.3 million for Transmission & Distribution. No impairments of goodwill were recorded for the three and nine months ended September 30, 2024 and 2023.

Other Intangible Assets

Other amortizable intangible assets were as follows:

	September 30, 2024		December 31, 2023
	(In thousands)
Noncompete agreements	$	—	$	292
Less: accumulated amortization	—		292
Net noncompete agreements	—		—
Customer relationships	10,450		10,450
Less: accumulated amortization	9,984		8,446
Net customer relationships	466		2,004
Total	$	466	$	2,004

Amortization expense for finite-lived intangible assets was $0.5 million and $1.5 million for the three and nine months ended September 30, 2024, respectively. Amortization expense for finite-lived intangible assets was $0.5 million and $1.6 million for the three and nine months ended September 30, 2023, respectively. Amortization expense is recognized in Selling, general and administrative expenses in the unaudited condensed consolidated statements of income. No impairments of finite-lived intangible assets were recorded for the three and nine months ended September 30, 2024 and 2023.

Future amortization expense for finite-lived intangible assets as of September 30, 2024 is estimated to be as follows:

	Remainder of 2024		2025
	(In thousands)
Amortization expense	$	349	$	117