Knife River Corp
For the period ended Jun 30, 2024. Filed Aug 6, 2024.
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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.
Jun 30, 2024 · Filed Aug 6, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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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 June 30, 2024 | |
|---|---|---|---|---|---|
| (In thousands) | |||||
| Pacific | $32,621 | $— | $— | $— | $32,621 |
| Northwest | 90,978 | — | — | — | 90,978 |
| Mountain | 26,816 | — | — | — | 26,816 |
| North Central | 75,879 | 735 | — | — | 76,614 |
| South | 38,708 | — | — | — | 38,708 |
| Energy Services | 9,476 | — | — | — | 9,476 |
| Total | $274,478 | $735 | $— | $— | $275,213 |
| Balance at January 1, 2023 | Goodwill Acquired During the Year | Measurement Period Adjustments | Reallocation of Goodwill | Balance at June 30, 2023 | |
|---|---|---|---|---|---|
| (In thousands) | |||||
| Pacific | $38,339 | $— | $(62) | $— | $38,277 |
| 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 | $— | $(62) | $— | $274,478 |
| 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 |
Index
Other amortizable intangible assets were as follows:
| June 30, 2024 | June 30, 2023 | December 31, 2023 | |
|---|---|---|---|
| (In thousands) | |||
| Customer relationships | $18,868 | $18,540 | $18,540 |
| Less accumulated amortization | 9,977 | 8,235 | 9,102 |
| 8,891 | 10,305 | 9,438 | |
| Noncompete agreements | 3,784 | 4,039 | 4,039 |
| Less accumulated amortization | 3,283 | 3,239 | 3,473 |
| 501 | 800 | 566 | |
| Other | 1,796 | 2,479 | 2,479 |
| Less accumulated amortization | 1,044 | 1,474 | 1,662 |
| 752 | 1,005 | 817 | |
| Total | $10,144 | $12,110 | $10,821 |
Amortization expense for amortizable intangible assets for the three and six months ended June 30, 2024, was $526,000 and $1.1 million, respectively. Amortization expense for amortizable intangible assets for the three and six months ended June 30, 2023, was $653,000 and $1.3 million, respectively. Estimated amortization expense for identifiable intangible assets as of June 30, 2024, was:
| Remainder of 2024 | 2025 | 2026 | 2027 | 2028 | Thereafter | |
|---|---|---|---|---|---|---|
| (In thousands) | ||||||
| Amortization expense | $1,192 | $1,964 | $1,784 | $1,761 | $1,717 | $1,726 |
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