Acquisitions, Goodwill, and Other Intangible Assets, Net (Tables)

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill by Segment

The following table provides a reconciliation of changes in goodwill by reportable segment for the three month period ended March 31, 2023 (in millions):

	Communications		Clean Energy and Infrastructure		Oil and Gas		Power Delivery		Total Goodwill
Goodwill, gross, as of December 31, 2022	$	606.1	$	703.3	$	582.2	$	270.1	$	2,161.7
Accumulated impairment loss (a)	—		—		(116.7)		—		(116.7)
Goodwill, net, as of December 31, 2022	$	606.1	$	703.3	$	465.5	$	270.1	$	2,045.0
Additions from new business combinations	0.3		—		—		—		0.3
Measurement period adjustments (b)	—		19.4		0.9		—		20.3
Goodwill, net as of March 31, 2023	$	606.4	$	722.7	$	466.4	$	270.1	$	2,065.6

(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, for the three month period ended March 31, 2023 relate primarily to reductions in certain accounts receivable balances and increases in contingent liabilities, including for insurance and other matters.

Schedule of Finite-Lived Intangible Assets

The following table provides a reconciliation of changes in other intangible assets, net, for the period 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, 2022	$	1,089.4	$	228.9	$	86.6	$	1,404.9
Accumulated amortization	(388.8)		(28.9)		(40.9)		(458.6)
Other intangible assets, net, as of December 31, 2022	$	700.6	$	200.0	$	45.7	$	946.3
Amortization expense	(34.8)		(5.0)		(2.1)		(41.9)
Other intangible assets, net, as of March 31, 2023	$	665.8	$	195.0	$	43.6	$	904.4

(a)Trade names includes approximately $34.5 million of non-amortizing trade names as of both March 31, 2023 and December 31, 2022.

(b)Consists principally of pre-qualifications and non-compete agreements.

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

Determination of the estimated fair values of the net assets acquired and the estimated earn-out liabilities and consideration transferred for certain of the Company’s 2022 acquisitions was preliminary as of March 31, 2023; as a result, further adjustments to such estimates may occur. The following table summarizes, as of March 31, 2023, the estimated fair values of consideration paid and net assets acquired, as adjusted, for the Company’s 2022 acquisitions (in millions):

Acquisition consideration:	IEA		All other		Total
Cash, net of cash acquired	$	564.5	$	48.4	$	612.9
Shares transferred	173.7		—		173.7
Estimated fair value of warrants	10.3		—		10.3
Estimated fair value of contingent consideration	—		2.8		2.8
Total consideration	$	748.5	$	51.2	$	799.7
Identifiable assets acquired and liabilities assumed:
Accounts receivable and contract assets	$	584.9	$	6.1	$	591.0
Current assets	36.1		1.5		37.6
Property and equipment	213.0		30.2		243.2
Long-term assets, primarily operating lease right-of-use assets	36.9		0.1		37.0
Amortizing intangible assets	362.2		5.9		368.1
Accounts payable	(136.5)		(4.6)		(141.1)
Current liabilities, including current portion of operating lease liabilities	(435.8)		(2.7)		(438.5)
Long-term debt, including finance lease obligations	(330.8)		(0.2)		(331.0)
Long-term liabilities, primarily operating lease liabilities and deferred income taxes	(131.4)		(0.2)		(131.6)
Total identifiable net assets	$	198.6	$	36.1	$	234.7
Goodwill	549.9		15.1		565.0
Total net assets acquired, including goodwill	$	748.5	$	51.2	$	799.7