Goodwill and Other Intangible Assets

9 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

The Company’s carrying amount of goodwill remained unchanged at $143.2 million as of both September 30, 2025 and December 31, 2024. The Company’s reporting units are E&M, T&D, and Wagner Smith Equipment (“WSE”). WSE is within the T&D reportable segment. Goodwill also remained unchanged for each reportable segment as of both September 30, 2025 and December 31, 2024, with $115.9 million for E&M and $27.3 million for T&D. No impairments of goodwill were recorded for the three and nine months ended September 30, 2025 and 2024.

Other Intangible Assets

Finite-lived intangible assets, which were classified in Other noncurrent assets, were as follows as of:


	December 31, 2024
	(In thousands)



Customer relationships	$	10,450
Less: accumulated amortization	(10,334)
Net customer relationships	116
Total	$	116

During the third quarter of 2025, the Company wrote off the remaining asset cost and associated accumulated amortization of the finite-lived intangible assets related to customer relationships that were fully amortized.

Amortization expense for finite-lived intangible assets was $0.1 million for the nine months ended September 30, 2025. As a result of the finite-lived intangible assets being fully amortized during the first quarter of 2025, there was no future amortization expense remaining for finite-lived intangible assets.

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 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, 2025 and 2024.