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Acquisitions (Tables) | 12 Months Ended
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Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract] |
Summary of Fair Value Consideration Transferred | Sterling completed the Petillo Acquisition for a purchase price of $204,563, net of cash acquired, detailed as follows:
Cash consideration transferred, net of cash acquired | $ | 175,000 |
Equity consideration transferred (759 shares at $26.87 per share(1)) | 20,406
Estimated tax basis step-up payment | 7,800
Target working capital adjustment | 1,357
Total consideration | $ | 204,563 |
(1) Sterling’s closing stock price on December 29, 2021.
Summary of Preliminary Purchase Price Allocation | The following table summarizes our purchase price allocation at the acquisition closing date, net of cash acquired:
Net tangible assets: |
Accounts receivable | $ | 45,069 |
Contract assets | 5,953 |
Other current assets | 193 |
Property and equipment, net | 48,936 |
Other non-current assets, net | 5,498 |
Accounts payable | (21,863) |
Contract liabilities | (8,585) |
Other current liabilities | (8,215) |
Total net tangible assets | 66,986 |
Identifiable intangible assets | 69,800 |
Goodwill | 67,777 |
Total consideration transferred | $ | 204,563 |
Schedule of Identifiable Intangible Assets Acquired |
| Weighted Average Life (Years) |  | December 30, 2021 Fair Value
Customer Relationships | 25 |  | $ | 42,300 |
Trade Names | 25 |  | 27,500 |
Total |  |  | $ | 69,800 |
Summary of Proforma Information |
| Years Ended December 31,
| 2021 |  | 2020
Pro forma revenue | $ | 1,785,133 |  |  | $ | 1,650,096 |
Pro forma net income attributable to Sterling | $ | 76,561 |  |  | $ | 58,639 |

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- Definition Tabular disclosure of finite-lived and indefinite-lived intangible assets acquired as part of a business combination. + References No definition available. + Details
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- 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 http://asc.fasb.org/extlink&oid=123413009&loc=d3e4845-128472 + Details
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