Knife River Corp
For the period ended Dec 31, 2025. Filed Feb 20, 2026.
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FY2025 · Filed Feb 20, 2026
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7. Goodwill and Other Intangible Assets
Index
Note 7 –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 | 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 |
| Balance at January 1, 2024 | Goodwill Acquired During the Year | Measurement Period Adjustments | 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 |
Other amortizable intangible assets at December 31, were as follows:
| Average Useful Life In Years | 2025 | 2024 | |
|---|---|---|---|
| (In thousands) | |||
| Customer relationships | 1-9 | $34,699 | $30,703 |
| Less accumulated amortization | 15,789 | 11,060 | |
| 18,910 | 19,643 | ||
| Noncompete agreements | 1-4 | 3,107 | 3,950 |
| Less accumulated amortization | 2,904 | 3,524 | |
| 203 | 426 | ||
| Tradename | 9 | 7,470 | 7,470 |
| Less accumulated amortization | 871 | 124 | |
| 6,599 | 7,346 | ||
| Backlog | 1-2 | 10,395 | 390 |
| Less accumulated amortization | 9,052 | 22 | |
| 1,343 | 368 | ||
| Other | 10-15 | 5,968 | 3,310 |
| Less accumulated amortization | 343 | 1,679 | |
| 5,625 | 1,631 | ||
| Total | $32,680 | $29,414 | |
The previous tables include goodwill and intangible assets associated with the business combinations completed during 2025 and 2024. For acquisitions in 2025, the weighted average useful life for customer relationships wastwo years and other intangible assets wasfour years. For acquisitions in 2024, the weighted average useful life for
Index
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, 2025, 2024 and 2023, was $14.8 million, $2.5 million and $2.6 million, respectively. Estimated amortization expense for identifiable intangible assets as of December 31, 2025, was:
| 2026 | 2027 | 2028 | 2029 | 2030 | Thereafter | |
|---|---|---|---|---|---|---|
| (In thousands) | ||||||
| Amortization expense | $6,587 | $5,336 | $4,071 | $3,466 | $2,676 | $10,544 |
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