Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill and Intangible Assets

Goodwill and intangible assets consisted of the following at December 31:

	2023						2022
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Goodwill
T&D	$	93,240	$	—	$	93,240	$	93,240	$	—	$	93,240
C&I	25,830		—		25,830		25,830		—		25,830
Foreign currency translation	(2,117)		—		(2,117)		(3,223)		—		(3,223)
Total goodwill	$	116,953	$	—	$	116,953	$	115,847	$	—	$	115,847
Amortizable Intangible Assets
Backlog	$	9,296	$	9,296	$	—	$	9,296	$	9,296	$	—
Customer relationships	71,139		20,905		50,234		71,138		16,094		55,044
Trade names	695		403		292		695		357		338
Below market lease	511		200		311		511		102		409
Foreign currency translation	(1,768)		(270)		(1,498)		(2,689)		(410)		(2,279)
Indefinite-lived Intangible Assets
Trade names	34,412		—		34,412		34,412		—		34,412
Foreign currency translation	(235)		—		(235)		(367)		—		(367)
Total intangible assets	$	114,050	$	30,534	$	83,516	$	112,996	$	25,439	$	87,557

Customer relationships, amortizable trade names and backlog are being amortized on a straight-line method over an estimated useful life ranging up to 15 years and the remaining life of the contract, respectively, and have been determined to have no residual value. Certain trade names have indefinite lives and, therefore, are not being amortized. Intangible asset amortization expense was $4.9 million, $9.0 million and $2.3 million for the years ended December 31, 2023, 2022 and 2021, respectively.

As of December 31, 2023, estimated future intangible asset amortization expense for the each of the next five years and thereafter was as follows:

(in thousands)	Future Amortization Expense
2024	$	4,954
2025	4,954
2026	4,954
2027	4,815
2028	4,805
Thereafter	24,857
Total	$	49,339