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Goodwill and Other Intangible Assets
 12 Months Ended
Dec. 31, 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 December 31, 2024 and 2023. The Company’s 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 December 31, 2024 and 2023, with $115.9 million for Electrical & Mechanical and $27.3 million for Transmission & Distribution. No impairments of goodwill were recorded for the years ended December 31, 2024, 2023 and 2022.
Other Intangible Assets, Net
Other amortizable intangible assets as of December 31 were as follows:
20242023
(In thousands)
Noncompete agreements$— $292 
Less: accumulated amortization
— 292 
Net noncompete agreements
— — 
Customer relationships10,450 10,450 
Less: accumulated amortization
10,334 8,446 
Net customer relationships
116 2,004 
Total $116 $2,004 
Amortization expense for finite-lived intangible assets was $1.9 million, $2.1 million and $2.2 million for the years ended December 31, 2024, 2023 and 2022, respectively. Amortization expense is recognized in Selling, general and administrative expenses in the consolidated statements of income. No impairments of finite-lived intangible assets were recorded for the years ended December 31, 2024, 2023 and 2022.
Future amortization expense for finite-lived intangible assets as of December 31, 2024, is estimated to be as follows:
20252026202720282029
Total
(In thousands)
Amortization expense
$116 $— $— $— $— $116