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Acquisitions (Tables) | 9 Months Ended
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Sep. 30, 2021
Acquisitions |
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 | $ | 107,355
Working capital adjustment | ​ | 6,892
Notes issued to former owners | ​ | 10,000
Estimated fair value of contingent earn-out payments | ​ | 12,900
​ | $ | 137,147
Recognized amounts of identifiable assets acquired and liabilities assumed: | ​ | ​
Cash and cash equivalents | $ | 13,554
Billed and unbilled accounts receivable | ​ | 43,248
Other current assets | ​ | 3,422
Property and equipment | ​ | 3,891
Goodwill | ​ | 54,554
Identifiable intangible assets | ​ | 57,700
Operating lease right-of-use asset | ​ | 8,997
Accounts payable | ​ | (14,489)
Billings in excess of costs and estimated earnings | ​ | (15,199)
Current maturities of long-term debt | ​ | (1,860)
Current operating lease liabilities | ​ | (1,115)
Accrued expenses and other current liabilities | ​ | (6,889)
Long-term debt | ​ | (785)
Long-term operating lease liabilities | ​ | (7,882)
​ | $ | 137,147
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 | ​ | 1.5 years | ​ | $ | 7,800
Trade Name | ​ | Relief-from-royalty | ​ | 23 years | ​ | ​ | 12,600
Customer Relationships | ​ | Excess earnings | ​ | 10 years | ​ | ​ | 37,300
Total | ​ | ​ | ​ | ​ | ​ | $ | 57,700

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- Definition Tabular disclosure of the characteristics, including initial carrying value, residual amount, weighted average useful life, of finite-lived intangible assets acquired during the period by major class. A major class is composed of intangible assets that can be grouped together because they are similar, either by nature or by their use in the operations of the company. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=66006027&loc=d3e16265-109275 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1486-128463 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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