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Acquisitions and Dispositions Of Businesses (Tables)
 9 Months Ended
Sep. 30, 2025
Business Combination [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 assets23,120 
Inventories329 
Prepaid expenses and other7,284 
Property, plant, and equipment10,462 
Operating lease right-of-use assets30,345 
Goodwill (2)
318,576 
Identifiable intangible assets475,000 
Other assets302 
Total assets acquired$1,106,167 
 _________________________
(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.
(2)Goodwill is calculated as the excess of the consideration transferred over the fair value of the net assets acquired and represents the projected future economic benefits from this strategic acquisition.
NOTE 4 - Acquisitions and Dispositions of Businesses (Continued)
Liabilities:
Accounts payable$68,147 
Contract liabilities104,595 
Accrued payroll and benefits9,838 
Other accrued expenses and liabilities22,746 
Operating lease liabilities, current2,573 
Operating lease liabilities, long-term27,771 
Other long-term obligations991 
Total liabilities assumed236,661 
Noncontrolling interests
934 
Net assets acquired
$868,572 
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 backlog40,000 1.5
Total intangible assets subject to amortization320,000 14.2
Trade name155,000 Indefinite
Total identifiable intangible assets$475,000 
Assets and Liabilities That Have Been Classified as Held for Sale
The following table summarizes the major classes of assets and liabilities that have been classified as held for sale in the Consolidated Balance Sheet as of September 30, 2025 (in thousands):
Assets:
Accounts receivable
$85,978 
Contract assets21,988 
Prepaid expenses and other6,966 
Property, plant, and equipment14,330 
Operating lease right-of-use assets3,115 
Other assets28,787 
Assets held for sale
$161,164 
Liabilities:
Accounts payable$23,406 
Contract liabilities34,341 
Accrued payroll and benefits12,472 
Other accrued expenses and liabilities50,477 
Operating lease liabilities, current1,103 
Operating lease liabilities, long-term2,445 
Other long-term obligations12,521 
Liabilities held for sale
$136,765