Knife River Corp

For the period ended Mar 31, 2026. Filed May 5, 2026.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2026 · Filed May 5, 2026

KNF$58.94+4.5%Stored close · as of Nov 9, 2026

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11. Goodwill and Other Intangible Assets

Note 11 -Goodwill and Other Intangible Assets

The changes in the carrying amount of goodwill were as follows:

	Balance at January 1, 2026	Goodwill Acquired During the Year	Measurement Period Adjustments	Balance at March 31, 2026
(In thousands)
West	$137,575	$—	$306	$137,881
Mountain	26,816	54,205	—	81,021
Central	323,903	—	(1,086)	322,817
Energy Services	31,374	—	—	31,374
Total	$519,668	$54,205	$(780)	$573,093

	Balance at January 1, 2025	Goodwill Acquired During the Year	Measurement Period Adjustments	Balance at March 31, 2025
(In thousands)
West	$123,674	$—	$—	$123,674
Mountain	26,816	—	—	26,816
Central	115,322	152,329	—	267,651
Energy Services	31,413	—	—	31,413
Total	$297,225	$152,329	$—	$449,554

	Balance at January 1, 2025	Goodwill Acquired During the Year	Measurement Period Adjustments	Balance at December 31, 2025
(In thousands)
West	$123,674	$11,904	$1,997	$137,575
Mountain	26,816	—	—	26,816
Central	115,322	212,962	(4,381)	323,903
Energy Services	31,413	—	(39)	31,374
Total	$297,225	$224,866	$(2,423)	$519,668

Index

Other amortizable intangible assets were as follows:

	March 31, 2026	March 31, 2025	December 31, 2025
(In thousands)
Customer relationships	$33,030	$30,703	$34,699
Less accumulated amortization	14,064	11,798	15,789
	18,966	18,905	18,910
Noncompete agreements	2,655	3,107	3,107
Less accumulated amortization	2,502	2,743	2,904
	153	364	203
Tradename	7,470	7,470	7,470
Less accumulated amortization	1,058	188	871
	6,412	7,282	6,599
Backlog	7,517	9,890	10,395
Less accumulated amortization	754	32	9,052
	6,763	9,858	1,343
Other	6,220	6,688	5,968
Less accumulated amortization	370	1,130	343
	5,850	5,558	5,625
Total	$38,144	$41,967	$32,680

The previous tables include goodwill and intangible assets associated with the business combinations completed in 2026 and 2025. For more information related to these business combinations, see Note 10.

Amortization expense for amortizable intangible assets for the three months ended March 31, 2026 and 2025 was $3.1 million and $1.1 million, respectively. Estimated amortization expense for identifiable intangible assets as of March 31, 2026, was:

	Remainder of 2026	2027	2028	2029	2030	Thereafter
(In thousands)
Amortization expense	$9,830	$4,823	$4,335	$3,731	$2,940	$12,485

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