On November 19, 2020, the Company acquired a 100% ownership interest in Braxton Science & Technology Group (“Braxton”), a privately-owned company, for $309.5 million in cash. Braxton operates at the forefront of satellite operations, ground system automation, flight dynamics, and spacecraft and antenna simulation for the U.S. Department of Defense and Intelligence Community. The acquisition was entirely funded by cash on hand in August 2020, as described in “Note 12—Debt and Credit Facilities”. In connection with this acquisition, the Company recognized $0.6 million of acquisition related “Selling, general and administrative expense” in the consolidated statements of income for the six months ended June 30, 2021, including legal fees, consulting fees, and other miscellaneous direct expenses associated with the acquisition. Braxton allows Parsons to capitalize on the quickly evolving space missions of its national security space customers and address rapid market growth driven by proliferated low earth orbit constellations, small satellite expansion, and space cyber resiliency.

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed based on the purchase price allocation as of the date of acquisition (in thousands):

	Amount
Cash and cash equivalents	$	7,006
Accounts receivable		18,163
Contract assets		8,350
Prepaid expenses and other current assets		3,036
Property and equipment		5,114
Right of use assets, operating leases		10,788
Goodwill		212,185
Intangible assets		74,950
Accounts payable		(7,464	)
Accrued expenses and other current liabilities		(9,845	)
Contract liabilities		(300	)
Short-term lease liabilities, operating leases		(1,915	)
Long-term lease liabilities, operating leases		(8,873	)
Deferred tax liabilities		(1,694	)
Net assets acquired	$	309,501

Of the total purchase price, the following values were assigned to intangible assets (in thousands, except for years):

Amortization expense of $4.0 million and $8.1 million related to these intangible assets was recorded for the three and six months ended June 30, 2021, respectively. The entire value of goodwill was assigned to the Federal Solutions reporting unit and represents synergies expected to be realized from this business combination. Goodwill of $196.3 million is deductible for tax purposes.

The amount of revenue generated by Braxton and included within consolidated revenues is $29.3 million and $60.3 million for the three and six months ended June 30, 2021, respectively. The Company has determined that the presentation of net income from the date of acquisition is impracticable due to the integration of general corporate functions upon acquisition.

Supplemental information of unaudited pro forma operating results assuming the Braxton acquisition had been consummated as of the beginning of fiscal year 2019 (in thousands) is as follows:

	Three Months Ended				Six Months Ended
	June 30, 2021		June 30, 2020		June 30, 2021		June 30, 2020
Pro forma Revenue	$	879,356	$	1,003,369	$	1,754,053	$	2,004,706
Pro forma Net Income including noncontrolling interests		12,575		31,141	$	27,929	$	45,600

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