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Acquisitions (Tables)

12 Months Ended

Dec. 31, 2020

TAS Energy

Business Acquisition [Line Items]

Schedule of acquisition date fair value of consideration transferred and the acquisition date fair value of the identifiable assets acquired and liabilities assumed, including an amount for goodwill

The following summarizes the acquisition date fair value of consideration transferred and the acquisition date fair value of the identifiable assets acquired and liabilities assumed, including an amount for goodwill (in thousands):

​

​	​	​
Consideration transferred:	​	​
Cash paid at closing	$	105,950
Working capital adjustment	​	40,455
Notes issued to former owners	​	14,000
Estimated fair value of contingent earn-out payments	​	9,100
​	$	169,505
Recognized amounts of identifiable assets acquired and liabilities assumed:	​	​
Cash and cash equivalents	$	47,460
Billed and unbilled accounts receivable	​	18,702
Other current assets	​	15,634
Other long-term assets	​	1,556
Property and equipment	​	7,709
Goodwill	​	72,788
Identifiable intangible assets	​	53,400
Lease right-of-use asset	​	19,736
Accounts payable	​	(16,453)
Billings in excess of costs and estimated earnings	​	(24,196)
Current lease liabilities	​	(2,337)
Accrued expenses and other current liabilities	​	(4,109)
Long-term lease liabilities	​	(17,398)
Other long-term liabilities	​	(2,987)
​	$	169,505

Schedule of acquired intangible assets

The acquired intangible assets include the following (dollars in thousands):

​	​	​	​	​	​	​	​
​	​	Valuation Method	​	Estimated Useful Life	​	​	Estimated Fair Value
Backlog	​	Excess earnings	​	1 year	​	$	5,200
Trade Name	​	Relief-from-royalty	​	25 years	​	​	8,200
Customer Relationships	​	Excess earnings	​	10 years	​	​	40,000
Total	​	​	​	​	​	$	53,400

T E C Industrial Construction and Maintenance

Business Acquisition [Line Items]

Schedule of acquisition date fair value of consideration transferred and the acquisition date fair value of the identifiable assets acquired and liabilities assumed, including an amount for goodwill

The following summarizes the acquisition date fair value of consideration transferred and the acquisition date fair value of the identifiable assets acquired and liabilities assumed, including an amount for goodwill (in thousands):

​

​	​	​
Consideration transferred:	​	​
Cash paid at closing	$	73,000
Working capital adjustment	​	2,006
Notes issued to former owners	​	7,000
Estimated fair value of contingent earn-out payments	​	7,560
​	$	89,566
Recognized amounts of identifiable assets acquired and liabilities assumed:	​	​
Cash and cash equivalents	$	4
Billed and unbilled accounts receivable	​	13,660
Costs in excess of billings	​	2,040
Other current assets	​	108
Other long-term assets	​	53
Property and equipment	​	912
Goodwill	​	44,431
Identifiable intangible assets	​	37,200
Lease right-of-use asset	​	1,234
Accounts payable	​	(4,123)
Billings in excess of costs and estimated earnings	​	(2,838)
Current lease liabilities	​	(175)
Accrued expenses and other current liabilities	​	(1,881)
Long-term lease liabilities	​	(1,059)
​	$	89,566

Schedule of acquired intangible assets

The acquired intangible assets include the following (dollars in thousands):

​

​	​	​	​	​	​	​	​
​		Valuation		Estimated		Estimated
​		Method		Useful Life		Fair Value
Backlog		Excess earnings		2 years	​	$	7,200
Trade Name		Relief-from-royalty		20 years	​		5,800
Customer Relationships		Excess earnings		9 years	​	​	24,200
Total	​	​	​	​	​	$	37,200

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Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts.

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