XML 68 R27.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2

Acquisitions (Tables)

12 Months Ended

Dec. 31, 2019

Acquisitions

Schedule of acquisitions

The following table summarizes the allocation of the opening balance sheet from the date of the CSI acquisition:

		(as of			Measurement
		acquisition date)			Period			Final Acquisition
(in thousands)		July 15, 2019			Adjustments			Allocation
Consideration paid		$	79,720		$	—		$	79,720
Net asset adjustments			633			354			987
Total consideration, net of net asset adjustments		$	80,353		$	354		$	80,707
Accounts receivable, net		$	59,579		$	186		$	59,765
Contract assets			38,970			994			39,964
Other current assets			83			—			83
Property and equipment			7,964			—			7,964
Operating lease right-of-use assets			9,933			—			9,933
Intangible assets			26,000			(500)			25,500
Other long term assets			149			—			149
Accounts payable			(29,533)			(1,100)			(30,633)
Accrued salaries and benefits			(8,091)			—			(8,091)
Contract liabilities			(18,934)			200			(18,734)
Current portion of operating lease obligations			(2,526)			(36)			(2,562)
Other current liabilities			(4,776)			73			(4,703)
Operating lease obligations, net of current maturities			(7,407)			36			(7,371)
Long-term debt			(20)			—			(20)
Net identifiable assets and liabilities			71,391			(147)			71,244
Goodwill		$	8,962		$	501		$	9,463

The following table summarizes the allocation of the opening balance sheet from the date of the Huen acquisition:

		(as of			Measurement
		acquisition date)			Period			Final Acquisition
(in thousands)		July 2, 2018			Adjustments			Allocation
Consideration paid		$	47,082		$	—		$	47,082
Preliminary estimated net asset adjustments			10,749			85			10,834
Total consideration, net of net asset adjustments		$	57,831		$	85		$	57,916
Accounts receivable, net		$	33,903		$	(207)		$	33,696
Contract assets			10,570			1,010			11,580
Other current and long term assets			88			(11)			77
Property and equipment			3,188			—			3,188
Intangible assets			—			24,300			24,300
Accounts payable			(9,592)			(1,274)			(10,866)
Contract liabilities			(6,394)			525			(5,869)
Other current liabilities			(6,570)			49			(6,521)
Net identifiable assets and liabilites			25,193			24,392			49,585
Unallocated intangible assets			9,800			(9,800)			—
Total aquired assets and liabilites			34,993			14,592			49,585
Fair value of aquired noncontrolling interests			(1,273)			(7)			(1,280)
Goodwill		$	24,111		$	(14,500)		$	9,611

Schedule of supplemental pro forma financial information

Future results may vary significantly from the results reflected in the following pro forma financial information because of future events and transactions, as well as other factors:

		Year ended December 31,
(in thousands, except per share data)		2019			2018
		(unaudited)			(unaudited)
Contract revenues		$	2,243,224		$	1,833,645
Net income		$	39,552		$	33,165
Net income attributable to MYR Group, Inc.		$	41,028		$	32,958
Income per common share attributable to MYR Group Inc.:
– Basic		$	2.47		$	2.00
– Diluted		$	2.46		$	1.99
Weighted average number of common shares and potential common shares outstanding:
– Basic			16,587			16,441
– Diluted			16,699			16,585

X

- 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/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(2)
-URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(3)
-URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463

+ Details

Name:	us-gaap_BusinessAcquisitionProFormaInformationTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_BusinessCombinationsAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1486-128463

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463

+ Details

Name:	us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration