Description of Business (Tables)

12 Months Ended

Dec. 31, 2015

Dec. 31, 2014

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Business Acquisition, Pro Forma Information

The Schultz and Brinderson acquisitions made the following contributions to the Company’s revenues and profits (in thousands):

	Years Ended December 31,
	2015			2014		2013
Revenues	$	339,305		$	305,807	$	108,233
Net income (loss) (1) (2)	(21,917		)	13,310		4,838

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⁽¹⁾  Net income includes an allocation of corporate expenses that is not necessarily an indication of the entity’s operations on a stand alone basis.

⁽²⁾  Net income for 2015 includes a pre-tax charge for goodwill impairment of $33.5 million ($25.7 million after tax). See Note 2.

The following unaudited pro forma summary presents combined information of the Company as if the Schultz and Brinderson acquisitions had occurred at the beginning of the year preceding their acquisitions (in thousands):

	Years Ended December 31,
	2014			2013
Revenues	$	1,339,147		$	1,199,653
Net income (loss) (1)	(35,304		)	50,384

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⁽¹⁾  Includes pro-forma adjustments for purchase price depreciation and amortization as if those intangibles were recorded as of January 1 of the year preceding the respective acquisition date.

Summary of the Fair Value of Identified Assets and Liabilities

The following table summarizes the fair value of identified assets and liabilities of the Schultz and Brinderson acquisitions at their acquisition dates (in thousands):

	Schultz			Brinderson
Cash	$	—		$	3,842
Receivables and cost and estimated earnings in excess of billings	1,086			28,353
Prepaid expenses and other current assets	19			655
Property, plant and equipment	162			6,848
Identified intangible assets	3,060			60,210
Other assets	—			1,071
Accounts payable, accrued expenses and billings in excess of cost and estimated earnings	(663		)	(30,622		)
Total identifiable net assets	$	3,664		$	70,357
Total consideration recorded	$	7,662		$	146,605
Less: total identifiable net assets	3,664			70,357
Final purchase price goodwill	$	3,998		$	76,248

Schedule of Purchase Accounting Adjustments

During the second quarter of 2014, and in connection with the 2012 acquisition of Fyfe Group LLC’s Asian operations (“Fyfe Asia”), the Company agreed to a working capital settlement with the previous owners, which increased the purchase price and related goodwill by $1.1 million for a final purchase price of $21.1 million (in thousands):

	Fyfe Asia
Goodwill at December 31, 2013	$	20,008
Increase in goodwill related to working capital adjustment	1,098
Goodwill at December 31, 2014	$	21,106

The following adjustment was made during the fourth quarter of 2014 relative to the acquisition of Brinderson as the Company completed its purchase price accounting (in thousands):

	Brinderson
Goodwill at December 31, 2013	$	77,248
Decrease in goodwill related to working capital adjustment	(1,000		)
Goodwill at December 31, 2014	$	76,248