Knife River Corp

Note 7 –Goodwill and other intangible assets

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

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In the fourth quarter of 2023, in connection with the reorganization of our reporting structure, a portion of the Pacific reporting unit’s businesses were reorganized into the Energy Services reporting unit. As a result of the reorganization, we reallocated $5.7 million of the goodwill balance associated with the Pacific reporting unit to the Energy Services reporting unit based on the relative fair values of the Pacific reporting unit components. The estimated fair values were determined using the income approach. We reassessed the goodwill in connection with the reorganization and determined there was no impairment.

Other amortizable intangible assets at December 31, were as follows:

The previous tables include goodwill and intangible assets associated with the business combinations completed during 2024. For our acquisitions in 2024, the weighted average useful life for customer relationships wasten years, noncompete agreements wasthree years, tradename wasten years and other intangible assets was 11 years. For more information related to these business combinations, see Note 3.

Amortization expense for amortizable intangible assets for the years ended December 31, 2024, 2023 and 2022, was $2.5 million, $2.6 million and $2.8 million, respectively. Estimated amortization expense for identifiable intangible assets as of December 31, 2024, was:

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