Company: LGN
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0002052568-25-000018
Chunk: 62

Company: Legence Corp.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 62
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 - Goodwill and Intangible Assets

The following is a summary of changes in the carrying value of Goodwill by segment (in thousands):Carrying value of GoodwillEngineering & ConsultingInstallation & MaintenanceTotalBalance, December 31, 2024$433,077 $348,117 $781,194 Measurement period adjustments1,737 — 1,737 Balance, September 30, 2025$434,814 $348,117 $782,931 Accumulated goodwill impairmentBalance, December 31, 2024$22,855 $47,407 $70,262 Balance, September 30, 2025$22,855 $47,407 $70,262 The Company’s identifiable intangible assets consist of the following (in thousands, except weighted-average remaining lives):September 30, 2025Gross Carrying AmountAccumulated AmortizationNet Carrying AmountWeighted-average Remaining Life(in years)Customer relationships$652,315 $(194,918)$457,397 8.6Trade names 178,970 (74,738)104,232 5.8Contract backlog4,420 (3,688)732 0.3$835,705 $(273,344)$562,361 

23

Legence Corp.Notes to Condensed Consolidated Financial Statements - (Continued)(Unaudited)

December 31, 2024Gross Carrying AmountAccumulated AmortizationNet Carrying AmountWeighted-average Remaining Life(in years)Customer relationships$652,315 $(153,262)$499,053 9.3Trade names 178,970 (61,137)117,833 6.4Contract backlog18,745 (11,381)7,364 0.6$850,030 $(225,780)$624,250 Future amortization of intangible assets as of September 30, 2025 was as follows (in thousands):Year ended December 31:2025 (three months remaining)$19,151 202673,634 202773,402 202873,402 202973,376 Thereafter249,396 $562,361 

Note 6 - Variable Interest Entities and Equity Method Investments

The Company holds interests in a number of joint ventures and other entities, some of which are VIEs. The Company consolidates a VIE when