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Business Combinations (Tables) | 12 Months Ended
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Dec. 31, 2017
Business Combinations |
Summary of the cash paid for acquisitions | The following table summarizes the cash paid for acquisitions under ASC 805 for the years ended December 31, 2017, 2016, and 2015 (in thousands):
|  | Year ended December 31, |
|  | 2017 |  | 2016 |  | 2015 |
Coastal — purchased June 16, 2017 |  | $ | 27,519 |  | $ | — |  | $ | — |
Engineering — purchased May 30, 2017 |  |  | 2,315 |  |  | — |  |  | — |
Florida Gas — purchased May 26, 2017 |  |  | 36,492 |  |  | — |  |  | — |
Northern — purchased November 18, 2016 |  |  | (121) | * |  | 6,889 |  |  | — |
Mueller — purchased January 29, 2016 |  |  |  |  |  | 4,108 |  |  | — |
Aevenia — purchased February 28, 2015 |  |  | — |  |  | — |  |  | 22,302 |
Cash paid |  | $ | 66,205 |  | $ | 10,997 |  | $ | 22,302 |
Summary of the fair value of assets acquired and the liabilities assumed | The following table summarizes the fair value of the assets acquired and the liabilities assumed at the acquisition date (in thousands):
| Year ended December 31, |
| 2017 |  | 2016 |  | 2015 |
| Acquisitions |  | Acquisitions |  | Acquisitions |
Accounts receivable | $ | 10,721 |  | $ | 1,606 |  | $ | 2,734 |
Costs and estimated earnings in excess of billings |  | 580 |  |  | — |  |  | — |
Inventory and other assets |  | 2,352 |  |  | 64 |  |  | 1,476 |
Property, plant and equipment |  | 12,402 |  |  | 2,133 |  |  | 11,173 |
Intangible assets |  | 21,125 |  |  | 3,000 |  |  | 3,850 |
Goodwill |  | 26,269 |  |  | 5,781 |  |  | 5,152 |
Accounts payable |  | (3,380) |  |  | (726) |  |  | (743) |
Billings in excess of costs and estimated earnings |  | (447) |  |  | — |  |  | — |
Accrued expenses |  | (2,096) |  |  | (861) |  |  | (1,340) |
Total | $ | 67,526 |  | $ | 10,997 |  | $ | 22,302 |
Schedule of the acquired intangible assets categories, fair value and average amortization periods | Based on our assessment, the acquired intangible asset categories, average amortization periods, generally on a straight-line basis, and fair values are as follows (in thousands):
|  | Amortization |  | 2017 |  | 2016 |  | 2015 |
|  | Period |  | Fair Value |  | Fair Value |  | Fair Value |
Tradename |  | 1 to 3 years |  | $ | 2,150 |  | $ | — |  | $ | — |
Non-compete agreements |  | 2 to 5 years |  |  | 550 |  |  | — |  |  | 1,350 |
Customer relationships |  | 5 to 10 years |  |  | 18,150 |  |  | 3,000 |  |  | 2,500 |
Other |  | 3 years |  |  | 275 |  |  | — |  |  | — |
Total |  |  |  | $ | 21,125 |  | $ | 3,000 |  | $ | 3,850 |
Schedule of pro forma results | For example, the pro forma results do not reflect any operating efficiencies and associated cost savings that we might have achieved with respect to the acquisitions (in thousands):
|  | Year Ended December 31, |
|  | 2017 |  | 2016 |
|  | (unaudited) |  | (unaudited) |
Revenues |  | $ | 2,406,062 |  | $ | 2,092,872 |
Income before provision for income taxes |  | $ | 107,055 |  | $ | 57,280 |
Net income attributable to Primoris |  | $ | 73,626 |  | $ | 31,415 |
Weighted average common shares outstanding: |  |  |  |  |  |  |
Basic |  |  | 51,481 |  |  | 51,762 |
Diluted |  |  | 51,741 |  |  | 51,989 |
Earnings per share: |  |  |  |  |  |  |
Basic |  | $ | 1.43 |  | $ | 0.61 |
Diluted |  | $ | 1.42 |  | $ | 0.60 |

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2)-(3) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of finite-lived intangible assets acquired as part of a business combination or through an asset purchase, by major class and in total, including the value of the asset acquired, any significant residual value (the expected value of the asset at the end of its useful life) and the weighted-average amortization period. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -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 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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=84161108&loc=d3e4845-128472 + Details
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