XML 41 R25.htm IDEA: XBRL DOCUMENT
v3.23.1

Acquisitions, Goodwill, and Other Intangible Assets, Net (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Schedule of Goodwill by Segment | The following table provides a reconciliation of changes in goodwill by reportable segment for the three month period ended March 31, 2023 (in millions):
| Communications |  | Clean Energy and Infrastructure |  | Oil and Gas |  | Power Delivery |  | Total Goodwill |  |
Goodwill, gross, as of December 31, 2022 | $ | 606.1 |  |  | $ | 703.3 |  |  | $ | 582.2 |  |  | $ | 270.1 |  |  | $ | 2,161.7 |  |  |
Accumulated impairment loss (a) | — |  |  | — |  |  | (116.7) |  |  | — |  |  | (116.7) |  |  |
Goodwill, net, as of December 31, 2022 | $ | 606.1 |  |  | $ | 703.3 |  |  | $ | 465.5 |  |  | $ | 270.1 |  |  | $ | 2,045.0 |  |  |
Additions from new business combinations | 0.3 |  |  | — |  |  | — |  |  | — |  |  | 0.3 |  |  |
Measurement period adjustments (b) | — |  |  | 19.4 |  |  | 0.9 |  |  | — |  |  | 20.3 |  |  |
Goodwill, net as of March 31, 2023 | $ | 606.4 |  |  | $ | 722.7 |  |  | $ | 466.4 |  |  | $ | 270.1 |  |  | $ | 2,065.6 |  |  |
(a) Accumulated impairment losses include the effects of currency translation gains and/or losses. (b) Represents adjustments, net, to preliminary estimates of fair value within the measurement period of up to one year from the date of acquisition. Measurement period adjustments, net, for the three month period ended March 31, 2023 relate primarily to reductions in certain accounts receivable balances and increases in contingent liabilities, including for insurance and other matters.
Schedule of Finite-Lived Intangible Assets | The following table provides a reconciliation of changes in other intangible assets, net, for the period indicated (in millions):
| Other Intangible Assets, Net
| Customer Relationships and Backlog |  | Trade Names (a) |  | Other (b) |  | Total
Other intangible assets, gross, as of December 31, 2022 | $ | 1,089.4 |  |  | $ | 228.9 |  |  | $ | 86.6 |  |  | $ | 1,404.9 |
Accumulated amortization | (388.8) |  |  | (28.9) |  |  | (40.9) |  |  | (458.6) |
Other intangible assets, net, as of December 31, 2022 | $ | 700.6 |  |  | $ | 200.0 |  |  | $ | 45.7 |  |  | $ | 946.3 |
Amortization expense | (34.8) |  |  | (5.0) |  |  | (2.1) |  |  | (41.9) |
Other intangible assets, net, as of March 31, 2023 | $ | 665.8 |  |  | $ | 195.0 |  |  | $ | 43.6 |  |  | $ | 904.4 |
(a)Trade names includes approximately $34.5 million of non-amortizing trade names as of both March 31, 2023 and December 31, 2022. (b)Consists principally of pre-qualifications and non-compete agreements.
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | Determination of the estimated fair values of the net assets acquired and the estimated earn-out liabilities and consideration transferred for certain of the Company’s 2022 acquisitions was preliminary as of March 31, 2023; as a result, further adjustments to such estimates may occur. The following table summarizes, as of March 31, 2023, the estimated fair values of consideration paid and net assets acquired, as adjusted, for the Company’s 2022 acquisitions (in millions):
Acquisition consideration: | IEA |  | All other |  | Total
Cash, net of cash acquired | $ | 564.5 |  |  | $ | 48.4 |  |  | $ | 612.9 |
Shares transferred | 173.7 |  |  | — |  |  | 173.7 |
Estimated fair value of warrants | 10.3 |  |  | — |  |  | 10.3 |
Estimated fair value of contingent consideration | — |  |  | 2.8 |  |  | 2.8 |
Total consideration | $ | 748.5 |  |  | $ | 51.2 |  |  | $ | 799.7 |
Identifiable assets acquired and liabilities assumed: |  |  |  |  |
Accounts receivable and contract assets | $ | 584.9 |  |  | $ | 6.1 |  |  | $ | 591.0 |
Current assets | 36.1 |  |  | 1.5 |  |  | 37.6 |
Property and equipment | 213.0 |  |  | 30.2 |  |  | 243.2 |
Long-term assets, primarily operating lease right-of-use assets | 36.9 |  |  | 0.1 |  |  | 37.0 |
Amortizing intangible assets | 362.2 |  |  | 5.9 |  |  | 368.1 |
Accounts payable | (136.5) |  |  | (4.6) |  |  | (141.1) |
Current liabilities, including current portion of operating lease liabilities | (435.8) |  |  | (2.7) |  |  | (438.5) |
Long-term debt, including finance lease obligations | (330.8) |  |  | (0.2) |  |  | (331.0) |
Long-term liabilities, primarily operating lease liabilities and deferred income taxes | (131.4) |  |  | (0.2) |  |  | (131.6) |
Total identifiable net assets | $ | 198.6 |  |  | $ | 36.1 |  |  | $ | 234.7 |
Goodwill | 549.9 |  |  | 15.1 |  |  | 565.0 |
Total net assets acquired, including goodwill | $ | 748.5 |  |  | $ | 51.2 |  |  | $ | 799.7 |

X
- References No definition available. + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assets, excluding financial assets and goodwill, lacking physical substance with a finite life, by either major class or business segment. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=66006027&loc=d3e16323-109275 Reference 2: 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 https://asc.fasb.org/extlink&oid=66006027&loc=d3e16265-109275 + Details
Name: | us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (h) -URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (g) -URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1A -URI https://asc.fasb.org/extlink&oid=121556970&loc=SL108378252-109267 Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 2 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13854-109267 Reference 11: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 55 -Paragraph 24 -URI https://asc.fasb.org/extlink&oid=122137925&loc=d3e14258-109268 Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 + Details
Name: | us-gaap_ScheduleOfGoodwillTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=128092470&loc=d3e4845-128472 + Details
Name: | us-gaap_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration