Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2025

Note 5—Goodwill and Intangible Assets

The carrying amount of goodwill by reportable segment was as follows (in thousands):


	June 30,		December 31,
Reporting Segment	2025		2024
Utilities	$	703,462	$	703,462
Energy		153,407		153,407
Total Goodwill	$	856,869	$	856,869

The table below summarizes the intangible asset categories and amounts, which are amortized on a straight-line basis (in thousands):


	June 30, 2025						December 31, 2024
	Gross Carrying Amount		Accumulated Amortization		Intangible Assets, Net		Gross Carrying Amount		Accumulated Amortization		Intangible Assets, Net
Tradenames	$	19,220	$	(19,067)	$	153	$	19,220	$	(18,151)	$	1,069
Customer relationships		295,977		(97,467)		198,510		295,977		(89,150)		206,827
Total	$	315,197	$	(116,534)	$	198,663	$	315,197	$	(107,301)	$	207,896

Amortization expense of intangible assets was $4.6 million and $5.1 million for the three months ended June 30, 2025, and 2024, respectively, and $9.2 million and $10.3 million for the six months ended June 30, 2025 and 2024, respectively. Estimated future amortization expense for intangible assets is as follows (in thousands):


	Estimated
	Intangible
	Amortization
For the Years Ending December 31,	Expense
2025 (remaining six months)		8,422
2026		16,135
2027		15,598
2028		14,375
2029		14,375
Thereafter		129,758
	$	198,663

Primoris Services Corp 10-Q