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Goodwill and Intangible Assets
12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets

9. GOODWILL AND INTANGIBLE ASSETS

Amounts related to goodwill as of December 31, are as follows:

 

 

 

Assessment,
Permitting and
Response

 

 

Measurements
and
Analysis

 

 

Remediation
and
Reuse

 

 

Total

 

Balance as of December 31, 2022

 

$

185,116

 

 

$

86,205

 

 

$

52,547

 

 

$

323,868

 

Goodwill acquired during the year

 

 

 

 

 

7,691

 

 

 

33,095

 

 

 

40,786

 

Prior year acquisitions measurement period adjustments (Note 8)

 

 

(170

)

 

 

(6

)

 

 

17

 

 

 

(159

)

Foreign currency translation impact

 

 

 

 

 

 

 

 

(46

)

 

 

(46

)

Balance as of December 31, 2023

 

$

184,946

 

 

$

93,890

 

 

$

85,613

 

 

$

364,449

 

Amounts related to finite-lived intangible assets as of December 31, are as follows:

 

2023

 

Estimated
Useful Life

 

Gross
Balance

 

 

Accumulated
Amortization

 

 

Total
Intangible
Assets—Net

 

Finite lived intangible assets

 

 

 

 

 

 

 

 

 

 

 

Customer relationships

 

215 years

 

$

227,986

 

 

$

116,226

 

 

$

111,760

 

Covenants not to compete

 

45 years

 

 

36,250

 

 

 

30,889

 

 

 

5,361

 

Trade names

 

15 years

 

 

24,434

 

 

 

20,719

 

 

 

3,714

 

Proprietary software

 

35 years

 

 

26,486

 

 

 

19,309

 

 

 

7,177

 

Patent

 

16 years

 

 

17,479

 

 

 

4,678

 

 

 

12,801

 

   Total other intangible assets—net

 

 

 

$

332,635

 

 

$

191,821

 

 

$

140,813

 

 

2022

 

Estimated
Useful Life

 

Gross
Balance

 

 

Accumulated
Amortization

 

 

Total
Intangible
Assets—Net

 

Finite lived intangible assets

 

 

 

 

 

 

 

 

 

 

 

Customer relationships

 

215 years

 

$

208,024

 

 

$

95,768

 

 

$

112,256

 

Covenants not to compete

 

45 years

 

 

33,542

 

 

 

28,280

 

 

 

5,262

 

Trade names

 

15 years

 

 

22,061

 

 

 

18,256

 

 

 

3,805

 

Proprietary software

 

35 years

 

 

22,698

 

 

 

15,810

 

 

 

6,888

 

Patent

 

16 years

 

 

17,479

 

 

 

3,583

 

 

 

13,896

 

   Total other intangible assets—net

 

 

 

$

303,804

 

 

$

161,697

 

 

$

142,107

 

Intangible assets with finite lives are stated at cost, less accumulated amortization and impairment losses, if any. These intangible assets are amortized using the straight-line method over the estimated useful lives of the assets.

Amortization expense for the years ended December 31, 2023, 2022, and 2021 was $30.1 million, $36.1 million and $35.2 million, respectively.

Future amortization expense is estimated to be as follows for each of the five following years and thereafter ending December 31:

 

2024

 

 

28,119

 

2025

 

 

20,815

 

2026

 

 

16,266

 

2027

 

 

15,597

 

2028

 

 

12,795

 

Thereafter

 

 

47,221

 

   Total

 

$

140,813