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Subsequent Events | 3 Months Ended
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Mar. 31, 2019
Subsequent Events |
Subsequent Events | 9. Subsequent Events On April 1, 2019, we acquired all of the issued and outstanding equity interests of Walker TX Holding Company, LLC and each of its wholly-owned subsidiaries (collectively “Walker”) pursuant to the terms of the Purchase Agreement (the “Purchase Agreement”) dated as of February 21, 2019. The purchase price consisted of $178 million in cash at closing, subject to working capital and certain other post-closing adjustments as set forth in the purchase agreement and $25 million in a promissory note that is payable in two equal installments of $12.5 million on the third and fourth anniversaries of the closing date, plus an earn out that we will pay if certain financial targets are met after the acquisition date. As of closing, we also funded a $20.5 million advance that we expect to recover as part of the working capital settlement and other contingent future payments. Walker is a full-service electrical contracting and network infrastructure engineering business serving commercial and industrial clients with headquarters in Irving, Texas and operations throughout the state of Texas. The transaction was primarily funded from the Company’s revolving credit facility. ​ Beginning on or about April 14, 2019, the Comfort Systems USA, Inc. information technology infrastructure was impacted by a ransomware attack virus. As a result, a substantial majority of our operating locations experienced loss of access to certain data and outages affecting systems including accounting, payroll, billing, job report and management and other software environments. Our first quarter financial results were not affected by this incident. We expect to incur certain costs and experience inefficiencies and delays associated with the incident and our response efforts that might not be covered by existing insurance, and which could adversely affect our financial results in future periods. We anticipate that any such costs, inefficiencies and delays would likely be incurred during our second quarter of 2019 and could also impact the timing of our cash flows in the short and intermediate term. We do not believe that this incident will have a long-term material adverse impact on our business, results of operations or financial condition.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 + Details
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