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Acquisitions (Tables) | 12 Months Ended
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Dec. 31, 2024
BCC Engineering, LLC |
Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed on Purchase Price Allocation | The following table summarizes the acquisition date fair value of the purchase consideration transferred (in thousands):
|  | Amount |
Cash and cash equivalents |  | $ | 2,839 |
Accounts receivable |  |  | 24,142 |
Contract assets |  |  | 16,649 |
Prepaid expenses and other current assets |  |  | 2,483 |
Right of use assets, operating leases |  |  | 9,438 |
Property and Equipment |  |  | 1,586 |
Other noncurrent assets |  |  | 1,743 |
Goodwill |  |  | 174,532 |
Intangible assets |  |  | 32,400 |
Accounts payable |  |  | (8,668 | )
Accrued expenses and other current liabilities |  |  | (7,236 | )
Contract liabilities |  |  | (4,446 | )
Short-term lease liabilities, operating leases |  |  | (1,977 | )
Deferred income taxes |  |  | (2,203 | )
Long-term lease liabilities, operating leases |  |  | (7,462 | )
Other long-term liabilities |  |  | (1,155 | )
Net assets acquired |  | $ | 232,665 |
Schedule of Intangible Assets Value on Purchase Price | Of the total purchase price, the following values were preliminarily assigned to intangible assets (in thousands, except for years):
|  | Gross Carrying Amount |  |  | Amortization Period
|  |  |  |  | (in years)
Customer relationships |  | $ | 6,500 |  |  | 4
Backlog |  |  | 23,400 |  |  | 4
Non-compete agreements |  |  | 1,700 |  |  | 3
Other |  | $ | 800 |  |  | 1
Schedule of Supplemental Pro Forma Information | Supplemental information of unaudited pro forma operating results assuming the BCC acquisition had been consummated as of the beginning of fiscal year 2023 (in thousands) is as follows:
|  | 2024 |  |  | 2023 |
|  | (unaudited) |  |  | (unaudited) |
Pro forma Revenue |  | $ | 6,838,190 |  |  | $ | 5,537,090 |
Pro forma Net Income including noncontrolling interests |  |  | 286,948 |  |  |  | 189,200 |
BlackSignal Technologies, LLC. |
Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed on Purchase Price Allocation | The following table summarizes the acquisition date fair value of the purchase consideration transferred (in thousands):
|  | Amount |
Cash and cash equivalents |  | $ | 4,917 |
Accounts receivable |  |  | 5,171 |
Contract assets |  |  | 3,209 |
Prepaid expenses and other current assets |  |  | 447 |
Right of use assets, operating leases |  |  | 5,370 |
Property and Equipment |  |  | 997 |
Goodwill |  |  | 119,663 |
Intangible assets |  |  | 97,600 |
Other assets |  |  | 145 |
Accounts payable |  |  | (951 | )
Accrued expenses and other current liabilities |  |  | (4,999 | )
Short-term lease liabilities, operating leases |  |  | (800 | )
Deferred income taxes |  |  | (22,461 | )
Long-term lease liabilities, operating leases |  |  | (4,570 | )
Net assets acquired |  | $ | 203,738 |
Schedule of Intangible Assets Value on Purchase Price | Of the total purchase price, the following values were preliminarily assigned to intangible assets (in thousands, except for years):
|  | Gross Carrying Amount |  |  | Amortization Period
|  |  |  |  | (in years)
Customer relationships |  | $ | 73,900 |  |  | 14
Backlog |  |  | 11,700 |  |  | 3
Developed technologies |  |  | 5,200 |  |  | 5
Non-compete agreements |  |  | 6,100 |  |  | 3
Other |  | $ | 700 |  |  | 1
Schedule of Supplemental Pro Forma Information | Supplemental information of unaudited pro forma operating results assuming the BlackSignal acquisition had been consummated as of the beginning of fiscal year 2023 (in thousands) is as follows:
|  | 2024 |  |  | 2023 |
|  | (unaudited) |  |  | (unaudited) |
Pro forma Revenue |  | $ | 6,782,552 |  |  | $ | 5,481,036 |
Pro forma Net Income including noncontrolling interests |  |  | 283,900 |  |  |  | 185,954 |
Sealing Technologies, Inc. |
Schedule of Acquisition Date Fair Value of the Purchase Consideration Transferred | The following table summarizes the acquisition date fair value of the purchase consideration transferred (in thousands):
|  | Amount |
Cash paid at closing |  | $ | 176,028 |
Fair value of contingent consideration to be achieved |  |  | 3,231 |
Total purchase price |  | $ | 179,259 |
Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed on Purchase Price Allocation | The following table summarizes the estimated fair values of the assets acquired and liabilities assumed based on the purchase price allocation as of the date of acquisition (in thousands):
|  | Amount |
Cash and cash equivalents |  | $ | 8,133 |
Accounts receivable |  |  | 17,889 |
Contract assets |  |  | 2,946 |
Prepaid expenses and other current assets |  |  | 1,379 |
Property and equipment |  |  | 2,025 |
Right of use assets, operating leases |  |  | 1,836 |
Deferred tax assets |  |  | 357 |
Goodwill |  |  | 90,593 |
Intangible assets |  |  | 75,000 |
Accounts payable |  |  | (15,987 | )
Accrued expenses and other current liabilities |  |  | (2,408 | )
Contract liabilities |  |  | (668 | )
Short-term lease liabilities, operating leases |  |  | (418 | )
Long-term lease liabilities, operating leases |  |  | (1,418 | )
Net assets acquired |  | $ | 179,259 |
Schedule of Intangible Assets Value on Purchase Price | Of the total purchase price, the following values were preliminarily assigned to intangible assets (in thousands, except for years):
|  | Gross Carrying Amount |  |  | Amortization Period
|  |  |  |  | (in years)
Customer relationships |  | $ | 40,000 |  |  | 14
Backlog |  |  | 26,000 |  |  | 3
Developed technologies |  |  | 8,000 |  |  | 3
Other |  | $ | 1,000 |  |  | 1
Schedule of Supplemental Pro Forma Information | Supplemental information of unaudited pro forma operating results assuming the SealingTech acquisition had been consummated as of the beginning of fiscal year 2022 (in thousands) is as follows:
|  | 2023 |  |  | 2022 |
|  | (unaudited) |  |  | (unaudited) |
Pro forma Revenue |  | $ | 5,525,099 |  |  | $ | 4,262,525 |
Pro forma Net Income including noncontrolling interests |  |  | 216,157 |  |  |  | 107,937 |
IPKeys Power Partners |
Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed on Purchase Price Allocation | The following table summarizes the estimated fair values of the assets acquired and liabilities assumed based on the purchase price allocation as of the date of acquisition (in thousands):
|  | Amount |
Cash and cash equivalents |  | $ | 126 |
Accounts receivable |  |  | 3,937 |
Contract assets |  |  | 834 |
Prepaid expenses and other current assets |  |  | 455 |
Property and equipment |  |  | 86 |
Right of use assets, operating leases |  |  | 1,105 |
Other noncurrent assets |  |  | 152 |
Goodwill |  |  | 22,407 |
Intangible assets |  |  | 23,000 |
Accounts payable |  |  | (541 | )
Accrued expenses and other current liabilities |  |  | (1,768 | )
Contract liabilities |  |  | (1,936 | )
Short-term lease liabilities, operating leases |  |  | (343 | )
Deferred tax liabilities |  |  | (3,713 | )
Long-term lease liabilities, operating leases |  |  | (762 | )
Net assets acquired |  | $ | 43,039 |
Schedule of Intangible Assets Value on Purchase Price | Of the total purchase price, the following values were assigned to intangible assets (in thousands, except for years):
|  | Gross Carrying Amount |  |  | Amortization Period
|  |  |  |  | (in years)
Customer relationships (1) |  | $ | 15,900 |  |  | 16
Developed technologies |  |  | 7,000 |  |  | 11
Other |  | $ | 100 |  |  | 1
(1) The acquired business is a SaaS commercial business. Backlog for this type of business is included as customer relationships.
Schedule of Supplemental Pro Forma Information | Supplemental information of unaudited pro forma operating results assuming the IPKeys acquisition had been consummated as of the beginning of fiscal year 2022 (in thousands) is as follows:
|  | 2023 |  |  | 2022 |
|  | (unaudited) |  |  | (unaudited) |
Pro forma Revenue |  | $ | 5,445,604 |  |  | $ | 4,207,967 |
Pro forma Net Income including noncontrolling interests |  |  | 209,773 |  |  |  | 123,257 |
Xator Corporation |
Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed on Purchase Price Allocation | The following table summarizes the estimated fair values of the assets acquired and liabilities assumed based on the purchase price allocation as of the date of acquisition (in thousands):
|  | Amount |
Cash and cash equivalents |  | $ | 8,935 |
Accounts receivable |  |  | 7,393 |
Contract assets |  |  | 24,332 |
Prepaid expenses and other current assets |  |  | 3,615 |
Property and equipment |  |  | 1,699 |
Right of use assets, operating leases |  |  | 7,517 |
Goodwill |  |  | 257,934 |
Investments in and advances to unconsolidated joint ventures |  |  | 698 |
Intangible assets |  |  | 123,500 |
Other noncurrent assets |  |  | 9,156 |
Accounts payable |  |  | (6,626 | )
Accrued expenses and other current liabilities |  |  | (31,309 | )
Contract liabilities |  |  | (2,631 | )
Short-term lease liabilities, operating leases |  |  | (2,371 | )
Long-term lease liabilities, operating leases |  |  | (5,146 | )
Other long-term liabilities |  |  | (9,156 | )
Net assets acquired |  | $ | 387,540 |
Schedule of Intangible Assets Value on Purchase Price | Of the total purchase price, the following values were assigned to intangible assets (in thousands, except for years):
|  | Gross Carrying Amount |  |  | Amortization Period
|  |  |  |  | (in years)
Customer relationships |  | $ | 37,000 |  |  | 15
Backlog |  |  | 81,000 |  |  | 6
Trade name |  |  | 4,000 |  |  | 1
Developed technologies |  |  | 1,000 |  |  | 3
Non-compete agreements |  | $ | 500 |  |  | 3
Schedule of Supplemental Pro Forma Information | Supplemental information of unaudited pro forma operating results assuming the Xator acquisition had been consummated as of the beginning of fiscal year 2021 (in thousands) is as follows:
|  | 2022 |  |  | 2021 |
|  | (unaudited) |  |  | (unaudited) |
Pro forma Revenue |  | $ | 4,302,448 |  |  | $ | 3,949,562 |
Pro forma Net Income including noncontrolling interests |  |  | 139,901 |  |  |  | 91,770 |

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