Everus Construction Group Inc
For the period ended Sep 30, 2024. Filed Nov 21, 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.
Sep 30, 2024 · Filed Nov 21, 2024
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Goodwill and Other Intangible Assets
Note 5 –Goodwill and Other Intangible Assets
Goodwill
The Company’s carrying amount of goodwill remained unchanged at $143.2 million as of both September 30, 2024 and December 31, 2023. The Company has determined that its reporting units are Electrical & Mechanical, Transmission & Distribution, and Wagner Smith Equipment (“WSE”). WSE is within the Transmission & Distribution reportable segment. Goodwill also remained unchanged for each reportable segment as of both September 30, 2024 and December 31, 2023, with $115.9 million for Electrical & Mechanical and $27.3 million for Transmission & Distribution. No impairments of goodwill were recorded for the three and nine months ended September 30, 2024 and 2023.
Other Intangible Assets
Other amortizable intangible assets were as follows:
| September 30, 2024 | December 31, 2023 | |
|---|---|---|
| (In thousands) | ||
| Noncompete agreements | $— | $292 |
| Less: accumulated amortization | — | 292 |
| Net noncompete agreements | — | — |
| Customer relationships | 10,450 | 10,450 |
| Less: accumulated amortization | 9,984 | 8,446 |
| Net customer relationships | 466 | 2,004 |
| Total | $466 | $2,004 |
Amortization expense for finite-lived intangible assets was $0.5 million and $1.5 million for the three and nine months ended September 30, 2024, respectively. Amortization expense for finite-lived intangible assets was $0.5 million and $1.6 million for the three and nine months ended September 30, 2023, respectively. Amortization expense is recognized in Selling, general and administrative expenses in the unaudited condensed consolidated statements of income. No impairments of finite-lived intangible assets were recorded for the three and nine months ended September 30, 2024 and 2023.
Future amortization expense for finite-lived intangible assets as of September 30, 2024 is estimated to be as follows:
| Remainder of 2024 | 2025 | |
|---|---|---|
| (In thousands) | ||
| Amortization expense | $349 | $117 |
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