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Goodwill and Intangible Assets | 9 Months Ended
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Sep. 30, 2011
Goodwill and Intangible Assets [Abstract] |
Goodwill and Intangible Assets |
(6) | Goodwill and Intangible Assets
During the third quarter of 2011, the Company completed a reorganization which resulted in the formation of the Specialty Contractors reporting unit and reportable segment. The Specialty Contractors reporting unit consists of the following subsidiary companies: GreenStar, Fisk, Powerco Electric Corporation (“Powerco”), Desert Mechanical, Inc (“DMI”) (all previously included in the Building reporting unit), and Superior Gunite (previously included in the Civil reporting unit). The reorganization enables the Company to focus on vertical integration through increased self-performed work capabilities, while maintaining the specialty contractors business with third parties, and it will strengthen the Company's position as a full-service contractor with greater control over scheduled delivery and risk management. The Company reallocated Goodwill between its reorganized reporting units based on a relative fair value assessment in accordance with the guidance on segment reporting. Changes in the carrying amount of Goodwill during the nine months ended September 30, 2011 associated with the reorganization and in connection with the acquisitions of Fisk, Anderson, Frontier, GreenStar, Lunda and Becho are shown in the tables below (in thousands):
|  |  |  |  |  |  |  | Management |  |  | Specialty |  |  |  |
|  | Building |  |  | Civil |  |  | Services |  |  | Contractors |  |  | Total |
Gross Goodwill |  | $ | 402,926 |  |  | $ | 319,254 |  |  | $ | 66,638 |  |  | $ | - |  |  | $ | 788,818 |
Accumulated impairment |  |  | (146,847 | ) |  |  | - |  |  |  | (20,051 | ) |  |  | - |  |  |  | (166,898 | )
Balance at December 31, 2010 |  |  | 256,079 |  |  |  | 319,254 |  |  |  | 46,587 |  |  |  | - |  |  |  | 621,920 |
Goodwill recorded in connection with the acquisitions of Fisk, Anderson, Lunda, GreenStar and Becho |  |  | 140,078 |  |  |  | 119,540 |  |  |  | - |  |  |  | - |  |  |  | 259,618 |
Reallocation based on relative fair value |  |  | (126,837 | ) |  |  | (18,267 | ) |  |  | - |  |  |  | 145,104 |  |  |  | - |
Balance at September 30, 2011 |  | $ | 269,320 |  |  | $ | 420,527 |  |  | $ | 46,587 |  |  | $ | 145,104 |  |  | $ | 881,538 |
Intangible Assets consist of the following (in thousands):
|  | As of September 30, 2011 |
|  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Carrying Value |
Trade names |  | $ | 155,950 |  |  | $ | - |  |  | $ | 155,950 |
Contractor license |  |  | 5,320 |  |  |  | - |  |  |  | 5,320 |
Customer relationships |  |  | 39,300 |  |  |  | (9,681 | ) |  |  | 29,619 |
Construction contract backlog |  |  | 49,640 |  |  |  | (37,454 | ) |  |  | 12,186 |
Total |  | $ | 250,210 |  |  | $ | (47,135 | ) |  | $ | 203,075 |
|  | As of December 31, 2010 |
|  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Carrying Value |
Trade names |  | $ | 101,250 |  |  | $ | - |  |  | $ | 101,250 |
Contractor license |  |  | 5,320 |  |  |  | - |  |  |  | 5,320 |
Customer relationships |  |  | 31,700 |  |  |  | (7,113 | ) |  |  | 24,587 |
Construction contract backlog |  |  | 34,540 |  |  |  | (33,146 | ) |  |  | 1,394 |
Total |  | $ | 172,810 |  |  | $ | (40,259 | ) |  | $ | 132,551 |
Amortization expense for the three and nine month periods ended September 30, 2011 was $2.9 million and $6.9 million, respectively. Amortization expense for the three and nine month periods ended September 30, 2010 was $1.9 million and $6.2 million, respectively. As of September 30, 2011, amortization expense is estimated to be $2.5 million for the remainder of 2011, $8.2 million in 2012, $6.5 million in 2013, $5.7 million in 2014, $3.5 million in 2015 and $15.4 million thereafter.

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- Definition The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6905597&loc=d3e13816-109267 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6905858&loc=d3e16265-109275 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 142 -Paragraph 42, 43, 44, 45, 46, 47 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6905858&loc=d3e16373-109275 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6905858&loc=d3e16323-109275 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6905597&loc=d3e13854-109267 + Details
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