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Acquisitions Of Businesses (Tables) | 3 Months Ended
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Mar. 31, 2025
Business Combinations [Abstract] |
Fair Values of Assets Acquired and Liabilities Assumed | The following table summarizes the estimated fair values of the assets acquired and liabilities assumed as of the acquisition date (in thousands):
Assets: |  |
Cash and cash equivalents |  | $ | 18,394 |
Accounts receivable (1) |  | 222,355 |
Contract assets |  | 23,120 |
Inventories |  | 329 |
Prepaid expenses and other |  | 7,284 |
Property, plant, and equipment |  | 10,462 |
Operating lease right-of-use assets |  | 30,345 |
Goodwill |  | 317,354 |
Identifiable intangible assets |  | 475,000 |
Other assets |  | 302 |
Total assets acquired |  | $ | 1,104,945 |
NOTE 4 - Acquisitions of Businesses (Continued)
Liabilities: |  |
Accounts payable |  | $ | 68,147 |
Contract liabilities |  | 104,595 |
Accrued payroll and benefits |  | 9,838 |
Other accrued expenses and liabilities |  | 21,524 |
Operating lease liabilities, current |  | 2,573 |
Operating lease liabilities, long-term |  | 27,771 |
Other long-term obligations |  | 991 |
Total liabilities assumed |  | 235,439 |
Noncontrolling interests |  | 934 |
Net assets acquired |  | $ | 868,572 |
_________________________ (1)The fair value of accounts receivable acquired was $222.4 million, with the gross contractual amount being $224.4 million. We expect $2.0 million to be uncollectible.
Fair Values of Identifiable Intangible Assets Acquired and Their Estimated Useful Lives | The following table summarizes the preliminary fair values of identifiable intangible assets (in thousands) and their estimated useful lives (in years). Refer to Note 8 - Fair Value Measurements of the notes to consolidated financial statements for additional information on the valuation methodologies utilized to determine fair value.
Miller Electric |  | Preliminary Fair Value |  | Estimated Useful Life
Customer relationships |  | $ | 280,000 |  |  | 16.0
Contract backlog |  | 40,000 |  |  | 1.5
Total intangible assets subject to amortization |  | 320,000 |  |  | 14.2
Trade name |  | 155,000 |  |  | Indefinite
Total identifiable intangible assets |  | $ | 475,000 |  |  |

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- Definition Tabular disclosure of finite-lived and indefinite-lived intangible assets acquired as part of a business combination or through an asset purchase, by major class and in total, including the value of the asset acquired, any significant residual value (the expected value of the asset at the end of its useful life) and the weighted-average amortization period. + References No definition available. + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479907/805-20-50-1 + Details
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