Knife River Corp

For the period ended Mar 31, 2025. Filed May 6, 2025.

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, 2025 · Filed May 6, 2025

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

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Contents

. 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, 2025	Goodwill Acquired During the Year	Measurement Period Adjustments	Reallocation of Goodwill	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, 2024	Goodwill Acquired During the Year	Measurement Period Adjustments	Reallocation of Goodwill	Balance at March 31, 2024
(In thousands)
West	$123,599	$—	$—	$—	$123,599
Mountain	26,816	—	—	—	26,816
Central	114,587	—	—	—	114,587
Energy Services	9,476	—	—	—	9,476
Total	$274,478	$—	$—	$—	$274,478

	Balance at January 1, 2024	Goodwill Acquired During the Year	Measurement Period Adjustments	Reallocation of Goodwill	Balance at December 31, 2024
(In thousands)
West	$123,599	$75	$—	$—	$123,674
Mountain	26,816	—	—	—	26,816
Central	114,587	735	—	—	115,322
Energy Services	9,476	21,937	—	—	31,413
Total	$274,478	$22,747	$—	$—	$297,225

Index

Other amortizable intangible assets were as follows:

	March 31, 2025	March 31, 2024	December 31, 2024
(In thousands)
Customer relationships	$30,703	$18,540	$30,703
Less accumulated amortization	11,798	9,535	11,060
	18,905	9,005	19,643
Noncompete agreements	3,107	3,820	3,950
Less accumulated amortization	2,743	3,315	3,524
	364	505	426
Tradename	7,470	—	7,470
Less accumulated amortization	188	—	124
	7,282	—	7,346
Backlog	9,890	—	390
Less accumulated amortization	32	—	22
	9,858	—	368
Other	6,688	1,796	3,310
Less accumulated amortization	1,130	1,029	1,679
	5,558	767	1,631
Total	$41,967	$10,277	$29,414

The previous tables include goodwill and intangible assets associated with the business combinations completed in the first quarter of 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, 2025, and 2024 was $1.1 million and $545,000, respectively. Estimated amortization expense for identifiable intangible assets as of March 31, 2025, was:

	Remainder of 2025	2026	2027	2028	2029	Thereafter
(In thousands)
Amortization expense	$12,034	$5,307	$4,287	$3,961	$3,466	$12,912

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