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Business Combinations and Divestitures | 9 Months Ended
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Jun. 30, 2020
Business Combinations [Abstract] |
Business Combination Disclosure [Text Block] | 14. BUSINESS COMBINATIONS AND DIVESTITURES The Company completed two acquisitions during the nine months ended June 30, 2020 for a total aggregate cash consideration of $28,952. • Aerial Lighting & Electric, Inc. (“Aerial”) – On February 18, 2020, we acquired 100% of the equity interests in Aerial, a Naugatuck, CT based electrical contractor specializing in the design and installation of electrical systems for multi-family developments. The acquisition of Aerial furthers our Residential segment's growth strategy by providing a foothold in the Northeast market. • Plant Power & Control Systems, LLC (“PPCS”) – On February 21, 2020, we acquired 100% of the membership interests in PPCS, a Birmingham, AL based manufacturer and installer of custom engineered power distribution equipment. The acquisition of PPCS furthers our Infrastructure Solutions segment's growth strategy by accelerating their expansion in the Southeast market. The Company accounted for the transactions under the acquisition method of accounting, which requires recording assets and liabilities at fair value (Level 3). The valuations derived from estimated fair value assessments and assumptions used by management are preliminary pending finalization of certain tangible and intangible asset valuations and assessment of deferred taxes. While management believes that its preliminary estimates and assumptions underlying the valuations are reasonable, different estimates and assumptions could result in different values being assigned to individual assets acquired and liabilities assumed. This may result in adjustments to the preliminary amounts recorded. The preliminary valuation of the assets and liabilities assumed is as follows:
Current assets | $ | 6,185 |
Property and equipment |  | 489 |
Intangible assets |  | 19,733 |
Goodwill |  | 9,862 |
Current liabilities |  | (4,863) |
Deferred tax liability |  | (2,454) |
Net assets acquired | $ | 28,952 |
With regard to goodwill, the balance is attributable to the workforce of the acquired business and other intangibles that do not qualify for separate recognition. In connection with these acquisitions, we acquired goodwill of $9,862 of which $3,916 is tax deductible. These acquisitions contributed $7,713 in additional revenue and $464 in operating income during the three months ended June 30, 2020, and $12,668 in additional revenue and $991 in operating income during the nine months ended June 30, 2020. Unaudited Pro Forma Information The following unaudited supplemental pro forma results of operations for the three and nine months ended June 30, 2020 and 2019 are calculated as if each acquisition occurred as of October 1 of the fiscal year prior to consummation.
|  |  | Unaudited |  |  |
|  |  | Three Months Ended June 30, |  |  |
|  |  | 2020 |  | 2019 |
Revenues |  | $ | 293,125 |  | $ | 295,189 |  |
Net income attributable to IES Holdings, Inc. |  | $ | 12,260 |  | $ | 11,834 |  |
|  |  | Unaudited |  |  |
|  |  | Nine Months Ended June 30, |  |  |
|  |  | 2020 |  | 2019 |
Revenues |  | $ | 877,609 |  | $ | 813,575 |  |
Net income attributable to IES Holdings, Inc. |  | $ | 28,393 |  | $ | 24,538 |  |

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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