Knife River Corp
For the period ended Sep 30, 2026. Filed Nov 3, 2026.
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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.
Sep 30, 2026 · Filed Nov 3, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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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 September 30, 2026 | |
|---|---|---|---|---|
| (In thousands) | ||||
| West | $137,575 | $— | $306 | $137,881 |
| Mountain | 26,816 | 54,205 | 10,903 | 91,924 |
| Central | 323,903 | — | (1,086) | 322,817 |
| Energy Services | 31,374 | — | — | 31,374 |
| Total | $519,668 | $54,205 | $10,123 | $583,996 |
| Balance at January 1, 2025 | Goodwill Acquired During the Year | Measurement Period Adjustments | Balance at September 30, 2025 | |
|---|---|---|---|---|
| (In thousands) | ||||
| West | $123,674 | $11,904 | $819 | $136,397 |
| Mountain | 26,816 | — | — | 26,816 |
| Central | 115,322 | 172,492 | (13,020) | 274,794 |
| Energy Services | 31,413 | — | (39) | 31,374 |
| Total | $297,225 | $184,396 | $(12,240) | $469,381 |
| 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:
| September 30, 2026 | September 30, 2025 | December 31, 2025 | |
|---|---|---|---|
| (In thousands) | |||
| Customer relationships | $36,030 | $32,503 | $34,699 |
| Less accumulated amortization | 19,785 | 14,866 | 15,789 |
| 16,245 | 17,637 | 18,910 | |
| Noncompete agreements | 2,655 | 3,107 | 3,107 |
| Less accumulated amortization | 2,567 | 2,850 | 2,904 |
| 88 | 257 | 203 | |
| Tradename | 7,470 | 7,470 | 7,470 |
| Less accumulated amortization | 1,432 | 685 | 871 |
| 6,038 | 6,785 | 6,599 | |
| Backlog | 3,390 | 9,290 | 10,395 |
| Less accumulated amortization | 410 | 6,202 | 9,052 |
| 2,980 | 3,088 | 1,343 | |
| Other | 6,200 | 5,968 | 5,968 |
| Less accumulated amortization | 450 | 317 | 343 |
| 5,750 | 5,651 | 5,625 | |
| Total | $31,101 | $33,418 | $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 and nine months ended September 30, 2026, was $2.6 million and $9.0 million, respectively. Amortization expense for amortizable intangible assets for the three and nine months ended September 30, 2025, was $4.7 million and $10.8 million, respectively. Estimated amortization expense for identifiable intangible assets as of September 30, 2026, was:
| Remainder of 2026 | 2027 | 2028 | 2029 | 2030 | Thereafter | |
|---|---|---|---|---|---|---|
| (In thousands) | ||||||
| Amortization expense | $2,135 | $4,682 | $3,930 | $3,325 | $2,506 | $14,523 |
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