XML 47 R28.htm IDEA: XBRL DOCUMENT v3.22.4
Acquisitions, Goodwill and Other Intangible Assets, Net (Tables)
12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Rollforward of Goodwill by Reportable Segment The following table provides a reconciliation of changes in goodwill by reportable segment for the periods indicated (in millions). Goodwill balances as of December 31, 2021 were recast in the first quarter of 2022 to reflect the change in segment reporting for the HMG acquisition, as discussed in Note 1 - Business, Basis of Presentation and Significant Accounting Policies. Goodwill was reallocated based on the estimated relative fair value of the respective HMG reporting units. See Note 13 - Segments and Related Information for additional information.
CommunicationsClean Energy and InfrastructureOil and GasPower DeliveryTotal Goodwill
Goodwill, gross, as of December 31, 2020$562.1 $152.7 $501.9 $150.1 $1,366.8 
Accumulated impairment loss (a)
— — (123.8)— (123.8)
Goodwill, net, as of December 31, 2020$562.1 $152.7 $378.1 $150.1 $1,243.0 
Additions from new business combinations52.3 13.4 58.3 153.3 277.3 
Measurement period adjustments (b)
0.1 — — — 0.1 
Currency translation adjustments— — 0.2 — 0.2 
Goodwill, net, as of December 31, 2021 (c)
$614.5 $166.1 $436.6 $303.4 $1,520.6 
Additions from new business combinations3.0 535.2 4.6 1.9 544.7 
Measurement period adjustments (b)
(11.4)2.0 25.3 (35.2)(19.3)
Currency translation adjustments— — (1.0)— (1.0)
Goodwill, net, as of December 31, 2022$606.1 $703.3 $465.5 $270.1 $2,045.0 
Accumulated impairment loss (a)
— — (116.7)— (116.7)
Goodwill, gross, as of December 31, 2022$606.1 $703.3 $582.2 $270.1 $2,161.7 
(a)    Accumulated impairment losses include the effects of currency translation gains and/or losses.
(b)    Represents adjustments, net, to preliminary estimates of fair value within the measurement period of up to one year from the date of acquisition. Measurement period adjustments, net, in 2022 relate primarily to an increase in amortizing intangible assets, partially offset by an increase in consideration transferred resulting from federal income tax elections.
(c)    The above described change in segment reporting for the HMG acquisition resulted in a decrease in goodwill for the Power Delivery segment of $23.4 million and increases in goodwill for the Communications and Oil and Gas segments of $13.0 million and $10.4 million, respectively, as of December 31, 2021.
Schedule of Finite-Lived Intangible Assets
The following table provides a reconciliation of changes in other intangible assets, net, for the periods indicated (in millions):
Other Intangible Assets, Net
Customer Relationships and Backlog
Trade Names (a)
Other (b)
Total
Other intangible assets, gross, as of December 31, 2020$297.9 $50.4 $84.3 $432.6 
Accumulated amortization
(218.5)(9.7)(20.4)(248.6)
Other intangible assets, net, as of December 31, 2020$79.4 $40.7 $63.9 $184.0 
Additions from new business combinations465.0 89.7 8.4 563.1 
Currency translation adjustments— — 0.4 0.4 
Amortization expense(59.3)(5.9)(12.0)(77.2)
Other intangible assets, net, as of December 31, 2021$485.1 $124.5 $60.7 $670.3 
Additions from new business combinations272.0 95.8 0.3 368.1 
Measurement period adjustments (c)
56.0 (6.9)(3.6)45.5 
Currency translation adjustments— — (1.7)(1.7)
Amortization expense(112.5)(13.4)(10.0)(135.9)
Other intangible assets, net, as of December 31, 2022$700.6 $200.0 $45.7 $946.3 
Remaining weighted average amortization, in years1314913
(a)    Trade names includes approximately $34.5 million of non-amortizing trade names as of each of December 31, 2022, 2021 and 2020.
(b)    Consists principally of pre-qualifications and non-compete agreements.
(c)    Represents adjustments, net, to preliminary estimates of fair value within the measurement period of up to one year from the date of acquisition. Measurement period adjustments, net, in 2022 relate primarily to an increase in amortizing intangible assets resulting from the finalization of the related intangible asset valuations.
Schedule of Expected Future Amortization Expense
Expected future amortization expense as of December 31, 2022 is summarized in the following table (in millions):
Amortization Expense
2023$167.6 
2024132.8 
2025109.2 
202690.2 
202781.0 
Thereafter331.0 
Total
$911.8 
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed The following table summarizes, as of December 31, 2022, the estimated fair values of consideration paid and net assets acquired, as adjusted, for the 2022 acquisitions (in millions):
Acquisition consideration:IEAAll otherTotal
Cash, net of cash acquired$564.5 $47.5 $612.0 
Shares transferred173.7 — 173.7 
Estimated fair value of warrants10.3 — 10.3 
Estimated fair value of contingent consideration— 2.8 2.8 
Total consideration$748.5 $50.3 $798.8 
Identifiable assets acquired and liabilities assumed:
Accounts receivable and contract assets$593.6 $6.1 $599.7 
Current assets34.5 1.6 36.1 
Property and equipment213.0 30.2 243.2 
Long-term assets, primarily operating lease right-of-use assets36.9 0.1 37.0 
Amortizing intangible assets362.2 5.9 368.1 
Accounts payable(136.4)(4.7)(141.1)
Current liabilities, including current portion of operating lease liabilities(422.5)(2.6)(425.1)
Long-term debt, including finance lease obligations(330.8)(0.2)(331.0)
Long-term liabilities, primarily operating lease liabilities and deferred income taxes(132.6)(0.2)(132.8)
Total identifiable net assets$217.9 $36.2 $254.1 
Goodwill530.6 14.1 544.7 
Total net assets acquired, including goodwill$748.5 $50.3 $798.8 
The following table summarizes, as of December 31, 2022, the estimated fair values of consideration paid and net assets acquired for the 2021 acquisitions, as adjusted (in millions):
Acquisition consideration(a):
HMGAll otherTotal
Cash, net of cash acquired$402.4 $876.7 $1,279.1 
Shares transferred181.7 — 181.7 
Estimated fair value of contingent consideration— 104.9 104.9 
Total consideration$584.1 $981.6 $1,565.7 
Identifiable assets acquired and liabilities assumed:
Accounts receivable and contract assets$409.0 $266.2 $675.2 
Current assets19.5 26.7 46.2 
Property and equipment248.6 250.6 499.2 
Long-term assets, primarily operating lease right-of-use assets84.9 81.9 166.8 
Amortizing intangible assets164.4 444.2 608.6 
Accounts payable(108.0)(49.3)(157.3)
Current liabilities, including current portion of operating lease liabilities(157.2)(140.7)(297.9)
Long-term debt, including finance lease obligations(0.2)(4.4)(4.6)
Long-term liabilities, primarily operating lease liabilities and deferred income taxes(148.3)(76.6)(224.9)
Total identifiable net assets$512.7 $798.6 $1,311.3 
Goodwill71.4 186.6 258.0 
Total net assets acquired, including goodwill$584.1 $985.2 $1,569.3 
Bargain purchase gain— (3.6)(3.6)
Total consideration$584.1 $981.6 $1,565.7 
(a)    Acquisition consideration in the table above excludes approximately $65 million of measurement period adjustments for estimated payments that will be made to the sellers of HMG if certain acquired receivables are collected. Given the pass-through nature of these contingent payments, they have been excluded from total consideration and current assets in the table above. See below for related discussion.