Goodwill and Identifiable Intangible Assets, Net (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Identifiable Intangible Assets, Net

Schedule of changes in the carrying amount of goodwill

The changes in the carrying amount of goodwill are as follows (in thousands):

	Mechanical Segment		Electrical Segment		Total
Balance at December 31, 2021	$	361,320	$	230,794	$	592,114
Acquisitions and purchase price adjustments (See Note 5)		2,609		17,066		19,675
Balance at December 31, 2022		363,929		247,860		611,789
Acquisitions and purchase price adjustments (See Note 5)		29,347		25,698		55,045
Balance at December 31, 2023	$	393,276	$	273,558	$	666,834

Schedule of components of identifiable intangible assets

Identifiable intangible assets consist of the following (dollars in thousands):

	Weighted-Average	December 31, 2023				December 31, 2022
	Remaining Useful Lives	Gross Book		Accumulated		Gross Book		Accumulated
	in Years	Value		Amortization		Value		Amortization
Customer Relationships	6.4	$	376,621	$	(193,338)	$	340,721	$	(161,049)
Backlog	0.6		5,900		(4,331)		3,200		(2,361)
Trade Names	17.6		129,661		(34,116)		121,561		(28,171)
Total		$	512,182	$	(231,785)	$	465,482	$	(191,581)

Schedule of future amortization expense of identifiable intangible assets

As of December 31, 2023, future amortization expense of identifiable intangible assets was as follows (in thousands):

Year ending December 31—
2024	$	39,851
2025		36,095
2026		35,251
2027		33,269
2028		33,109
Thereafter		102,822
Total	$	280,397