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Acquisitions Of Businesses (Tables)

3 Months Ended

Mar. 31, 2025

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

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(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