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Acquisition of STI (Tables) | 6 Months Ended
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Jun. 30, 2022
Business Combination and Asset Acquisition [Abstract] |
Schedule of Business Acquisitions Purchase Price Consideration | The purchase price consideration to acquire STI consisted of the following (in thousands):
Cash consideration for STI |  | $ | 409,647 |
Cash consideration for transaction expenses of STI |  | 896 |
Total cash consideration |  | 410,543 |
Non-cash equity consideration |  | 200,224 |
Total consideration transferred |  | 610,767 |
Total purchase price consideration |  | $ | 610,767 |
Schedule of business acquisitions, by acquisition | The following table summarizes the preliminary estimates of fair values of the assets acquired and liabilities assumed as of the Acquisition Date (in thousands):
Preliminary Fair Value of Net Assets Acquired and Liabilities Assumed: |  | Acquisition Date |  | Measurement Adjustment |  | June 30, 2022
Cash and cash equivalents |  | $ | 36,725 |  |  | $ | — |  |  | $ | 36,725 |
Accounts receivable |  | 110,789 |  |  | — |  |  | 110,789 |
Inventories |  | 47,517 |  |  | — |  |  | 47,517 |
Prepaid expenses and other |  | 23,399 |  |  | — |  |  | 23,399 |
Property, plant and equipment |  | 4,434 |  |  | — |  |  | 4,434 |
Other intangible assets |  | 318,365 |  |  | — |  |  | 318,365 |
Other assets |  | 325 |  |  | — |  |  | 325 |
Total assets acquired |  | $ | 541,554 |  |  | $ | — |  |  | $ | 541,554 |
Accounts payable |  | 65,761 |  |  | — |  |  | 65,761 |
Deferred revenue |  | 20,345 |  |  | — |  |  | 20,345 |
Short-term debt |  | 44,338 |  |  | — |  |  | 44,338 |
Other liabilities |  | 10,115 |  |  | — |  |  | 10,115 |
Income tax payable |  | 7,576 |  |  | — |  |  | 7,576 |
Deferred tax liability |  | 93,823 |  |  | 7,611 |  |  | 101,434 |
Other long-term liabilities |  | 4,524 |  |  | — |  |  | 4,524 |
Long-term debt |  | 12,053 |  |  | — |  |  | 12,053 |
Total liabilities assumed |  | $ | 258,535 |  |  | $ | 7,611 |  |  | $ | 266,146 |
Preliminary fair value of net assets acquired |  | 283,019 |  |  |  |  | 275,408 |
Preliminary allocation to goodwill |  | $ | 327,748 |  |  |  |  | $ | 335,359 |
Schedule of purchase price allocation | The preliminary purchase price allocation includes $318.4 million of acquired identifiable intangible assets.
|  | Estimated Fair Value |  | Estimated Weighted Average Useful Life in Years
(in thousands, except useful lives) |  |
Backlog |  | $ | 51,165 |  |  | 1
Customer relationships |  | 238,770 |  |  | 10
Trade name |  | 28,430 |  |  | 20
Total |  | $ | 318,365 |  |  |
Business acquisition, pro forma information |
| Three Months Ended June 30, |  | Six Months Ended June 30,
(in millions) | 2022 |  | 2021 |  | 2022 |  | 2021
Revenue | $ | 424.9 |  |  | $ | 263.1 |  |  | $ | 733.4 |  |  | $ | 536.9 |
Net income (loss) | $ | (2.8) |  |  | $ | 5.0 |  |  | $ | (23.9) |  |  | $ | (7.3) |

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=128092470&loc=d3e4845-128472 + Details
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