Business Combinations

12 Months Ended

Dec. 31, 2025

Business Combinations [Abstract]

Business Combinations [Text Block]

Business Combinations

Our investments in businesses were $8,540, $28,116 and $34,077 for the years ended December 31, 2025, 2024 and 2023, respectively. The acquired intangible assets consist of tradenames, non-competition agreements and customer relationships. The tradename intangible

assets were assigned an average useful life of six years, customer relationships were assigned an average useful life of seven years, and the non-competition agreements were assigned an average useful life of five years. See Note F. Supplemental Cash Flow Information for a preliminary breakout of the assets acquired, liabilities assumed and debt issued related to these investments.

The net assets of the businesses acquired are accounted for under the acquisition method and were recorded at their fair values at the dates of acquisition. The measurement period for purchase price allocations ends as soon as information of the facts and circumstances becomes available, but does not exceed one year from the acquisition date. The purchase price allocations for businesses acquired in 2025 have been finalized as of December 31, 2025.

The excess of the purchase price over the estimated fair values of the net assets acquired was recorded as an increase in goodwill of approximately $3,720 in 2025 ($3,720 of which is deductible for tax purposes), $10,893 in 2024 ($10,892 of which is deductible for tax purposes) and $14,758 in 2023 ($14,758 of which is deductible for tax purposes).

The results of operations of acquired businesses have been included in the consolidated statements of operations beginning as of the effective dates of acquisition. The effect of these acquisitions on our consolidated revenues and results of operations, either individually or in the aggregate, for the years ended December 31, 2025, 2024 and 2023 was not significant.

Subsequent to December 31, 2025 and through March 9, 2026, we acquired one business for approximately $63,230 with $263 liabilities assumed and debt issued of $3,000. The acquired company is in our Utility segment and provides consulting and engineering services for utility networks. We do not expect the effect of this acquisition on our consolidated revenues and results of operations to be significant.