Acquisition and Divestiture	9 Months Ended
Sep. 30, 2023
Business Combinations [Abstract]
Acquisition and Divestiture	NOTE 13 – ACQUISITION AND DIVESTITURE Acquisition CMY Solutions, LLC. On May 1, 2023, the Company acquired CMY Solutions, LLC. (“CMY”), a privately-held company that provides engineering and automation solutions to utilities and organizations, for $32.6 million in cash. The acquisition enhances the Company’s offerings in the field of power and energy advisory services. As part of the allocation of purchase consideration, the Company recorded $10.3 million of intangible assets, $1.2 million in net working capital, and $21.1 million of goodwill. Intangible assets consist of $10.2 million related to existing customer relationships and $0.1 million related to trade names and trademarks. The acquisition of CMY is not material to the Company’s results of operations. Divestiture Commercial Marketing On July 21, 2023, the Company entered into an Asset Purchase Agreement (the “APA”) to sell its U.S. commercial marketing business, including certain assets of the business, for initial cash considerations of $49.5 million before final net working capital adjustments. On September 12, 2023, the Company completed the divesture and received $47.1 in cash, net of working capital adjustments and certain amounts held in escrow. The disposal of the commercial marketing business was not a major strategic shift that was, or will be, significant to the Company’s operations and financial results. In connection with the sale, the Company recorded a gross gain of $4.3 million and transactions fees of $1.9 million, for a total pre-tax gain of $2.4 million, that is included as part of other income on the Company’s consolidated statements of comprehensive income.

Acquisition and Divestiture

9 Months Ended

Sep. 30, 2023

NOTE 13 – ACQUISITION AND DIVESTITURE

Acquisition

CMY Solutions, LLC.

On May 1, 2023, the Company acquired CMY Solutions, LLC. (“CMY”), a privately-held company that provides engineering and automation solutions to utilities and organizations, for $32.6 million in cash. The acquisition enhances the Company’s offerings in the field of power and energy advisory services.

As part of the allocation of purchase consideration, the Company recorded $10.3 million of intangible assets, $1.2 million in net working capital, and $21.1 million of goodwill. Intangible assets consist of $10.2 million related to existing customer relationships and $0.1 million related to trade names and trademarks. The acquisition of CMY is not material to the Company’s results of operations.

Divestiture

Commercial Marketing

On July 21, 2023, the Company entered into an Asset Purchase Agreement (the “APA”) to sell its U.S. commercial marketing business, including certain assets of the business, for initial cash considerations of $49.5 million before final net working capital adjustments. On September 12, 2023, the Company completed the divesture and received $47.1 in cash, net of working capital adjustments and certain amounts held in escrow. The disposal of the commercial marketing business was not a major strategic shift that was, or will be, significant to the Company’s operations and financial results. In connection with the sale, the Company recorded a gross gain of $4.3 million and transactions fees of $1.9 million, for a total pre-tax gain of $2.4 million, that is included as part of other income on the Company’s consolidated statements of comprehensive income.