Goodwill and Intangible Assets (Tables)
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12 Months Ended |
Dec. 31, 2021 |
Goodwill and Intangible Assets |
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Schedule of goodwill by reporting unit |
| | | | | | | | | | | | | | | Utilities | | Energy/Renewables | | Pipeline | | Total | Balance at December 31, 2020 | | $ | 96,344 | | $ | 66,344 | | $ | 52,415 | | $ | 215,103 | Goodwill acquired during the period | | | 366,561 | | | — | | | — | | | 366,561 | Balance at December 31, 2021 | | $ | 462,905 | | $ | 66,344 | | $ | 52,415 | | $ | 581,664 |
There were no changes in goodwill balances during the year ended December 31, 2020. The change in goodwill by segment for 2019 was as follows (in thousands): | | | | | | | | | | | | | | | | Utilities | | Energy/Renewables | | Pipeline | | Total | | Balance at January 1, 2019 | | $ | 87,791 | | $ | 66,083 | | $ | 52,285 | | $ | 206,159 | | Goodwill acquired during the period | | | 8,553 | | | 261 | | | 130 | | | 8,944 | | Balance at December 31, 2019 | | $ | 96,344 | | $ | 66,344 | | $ | 52,415 | | $ | 215,103 | |
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Summary of intangible asset categories, amounts and the average amortization periods |
The table below summarizes the intangible asset categories, which are generally amortized on a straight-line basis (in thousands): | | | | | | | | | | | | | | | | | | | December 31, 2021 | | December 31, 2020 | | Gross Carrying Amount | | Accumulated Amortization | | Intangible assets, net | | Gross Carrying Amount | | Accumulated Amortization | | Intangible assets, net | Tradename | $ | 20,440 | | | (19,675) | | | 765 | | $ | 16,040 | | $ | (14,793) | | $ | 1,247 | Customer relationships | | 215,227 | | | (44,727) | | | 170,500 | | | 91,000 | | | (31,400) | | | 59,600 | Non-compete agreements | | 1,900 | | | (1,845) | | | 55 | | | 1,900 | | | (1,735) | | | 165 | Total | $ | 237,567 | | $ | (66,247) | | $ | 171,320 | | $ | 108,940 | | $ | (47,928) | | $ | 61,012 |
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Schedule of estimated future amortization expense for intangible assets |
Estimated future amortization expense for intangible assets as of December 31, 2021 is as follows (in thousands): | | | | | | Estimated | | | Intangible | | | Amortization | For the Years Ending December 31, | | Expense | 2022 | | $ | 13,427 | 2023 | | | 12,409 | 2024 | | | 11,690 | 2025 | | | 10,968 | 2026 | | | 10,518 | Thereafter | | | 112,308 | | | $ | 171,320 |
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