Knife River Corp

For the period ended Mar 31, 2024. Filed May 7, 2024.

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, 2024 · Filed May 7, 2024

KNF$58.43-0.9%Stored close · as of Nov 10, 2026

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Contents

10. Goodwill and other intangible assets

Note 10 -Goodwill and other intangible assets

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

	Balance at January 1, 2024	Goodwill Acquired During the Year	Measurement Period Adjustments	Reallocation of Goodwill	Balance at March 31, 2024
(In thousands)
Pacific	$32,621	$—	$—	$—	$32,621
Northwest	90,978	—	—	—	90,978
Mountain	26,816	—	—	—	26,816
North Central	75,879	—	—	—	75,879
South	38,708	—	—	—	38,708
Energy Services	9,476	—	—	—	9,476
Total	$274,478	$—	$—	$—	$274,478

Index

	Balance at January 1, 2023	Goodwill Acquired During the Year	Measurement Period Adjustments	Reallocation of Goodwill	Balance at March 31, 2023
(In thousands)
Pacific	$38,339	$—	$—	$—	$38,339
Northwest	90,978	—	—	—	90,978
Mountain	26,816	—	—	—	26,816
North Central	75,879	—	—	—	75,879
South	38,708	—	—	—	38,708
Energy Services	3,820	—	—	—	3,820
Total	$274,540	$—	$—	$—	$274,540

	Balance at January 1, 2023	Goodwill Acquired During the Year	Measurement Period Adjustments	Reallocation of Goodwill	Balance at December 31, 2023
(In thousands)
Pacific	$38,339	$—	$(62)	$(5,656)	$32,621
Northwest	90,978	—	—	—	90,978
Mountain	26,816	—	—	—	26,816
North Central	75,879	—	—	—	75,879
South	38,708	—	—	—	38,708
Energy Services	3,820	—	—	5,656	9,476
Total	$274,540	$—	$(62)	$—	$274,478

Other amortizable intangible assets were as follows:

	March 31, 2024	March 31, 2023	December 31, 2023
(In thousands)
Customer relationships	$18,540	$18,540	$18,540
Less accumulated amortization	9,535	7,801	9,102
	9,005	10,739	9,438
Noncompete agreements	3,820	4,039	4,039
Less accumulated amortization	3,315	3,113	3,473
	505	926	566
Other	1,796	2,479	2,479
Less accumulated amortization	1,029	1,381	1,662
	767	1,098	817
Total	$10,277	$12,763	$10,821

Amortization expense for amortizable intangible assets for the three months ended March 31, 2024 and 2023 was $545,000 and $667,000, respectively. Estimated amortization expense for identifiable intangible assets as of March 31, 2024, was:

	Remainder of 2024	2025	2026	2027	2028	Thereafter
(In thousands)
Amortization expense	$1,683	$1,918	$1,738	$1,716	$1,672	$1,550

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