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Acquisitions | 3 Months Ended
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Mar. 31, 2021
Business Combinations [Abstract] |
Acquisitions | 13. Acquisitions During the three months ended March 31, 2021, the Company completed an acquisition for an estimated net purchase price of approximately $10 million which was comprised of cash consideration of $6 million (net of cash acquired) and contingent consideration of $4 million if certain financial thresholds are achieved following the closing of the transaction. The acquisition expanded the Company’s offering to provide engineering and construction services in the U.S. The Company completed its preliminarily valuations as of the acquisition date of the acquired net assets and recognized $7 million goodwill and $2 million intangible assets in the U.S. segment, which are subject to change. If additional information is obtained about these assets and liabilities within the measurement period (not to exceed one year from the date of acquisition), the Company will refine its estimate of fair value to allocate the purchase price more accurately. The goodwill recognized is not deductible for income tax purposes. The intangible assets were included in other assets in the consolidated balance sheets. At the acquisition date, the Company estimated the fair value for contingent consideration to be approximately $4 million which was included in other long-term liabilities in the consolidated balance sheets. The fair value was estimated using a Monte Carlo simulation using level 3 inputs, which included discount rates and probability-weighted cash flows. Changes in the fair value of the contingent consideration liability subsequent to the acquisition date, such as changes in the probability assessment, are recognized in the period when the change in estimated fair value occurs. The Company has not presented supplemental pro forma information because the acquired operations did not materially impact the Company’s consolidated operating results. 13

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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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