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

9 Months Ended

Sep. 30, 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 nine month period ended September 30, 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	32.6		—		—		—		32.6
Measurement period adjustments (b)	(0.6)		40.5		0.8		0.6		41.3
Currency translation adjustments	—		—		(0.0)		—		(0.0)
Goodwill, net as of September 30, 2023	$	638.1	$	743.8	$	466.3	$	270.7	$	2,118.9

(a)    Accumulated impairment losses include the effects of currency translation gains and/or losses.

(b)    Measurement period adjustments represent 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 nine month period ended September 30, 2023 were primarily the result of updated valuations and estimated useful lives of certain fixed assets and updated estimates of certain assets and liabilities, including contract assets and contingent liabilities. As a result of the updates to the estimated useful lives of certain fixed assets, depreciation expense decreased by approximately $6 million for the nine month period ended September 30, 2023, and as a result of the measurement period adjustments related to certain contract assets and liabilities, revenue increased by approximately $35 million and costs of revenue, excluding depreciation and amortization, decreased by approximately $8 million. In addition, measurement period adjustments for the nine month period ended September 30, 2023 included a decrease in deferred tax liabilities of approximately $38 million, an increase in contingent liabilities of approximately $29 million, including for insurance, legal and other matters, and fair value increases of approximately $7 million for certain property and equipment.

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
Additions from new business combinations	1.2		0.1		—		1.3
Currency translation adjustments	—		—		(0.0)		(0.0)
Amortization expense	(104.5)		(15.6)		(6.2)		(126.3)
Other intangible assets, net, as of September 30, 2023	$	597.3	$	184.5	$	39.5	$	821.3

(a)Includes approximately $34.5 million of non-amortizing trade names as of both September 30, 2023 and December 31, 2022.

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

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

As of September 30, 2023, the Company is finalizing certain valuation and contingency-related estimates for the IEA acquisition; as a result, further adjustments to such estimates may occur. The following table summarizes, as of September 30, 2023, the estimated fair values of the 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	$	48.7	$	613.2
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	$	51.5	$	800.0
Identifiable assets acquired and liabilities assumed:
Accounts receivable and contract assets	$	570.0	$	6.1	$	576.1
Current assets	34.5		1.6		36.1
Property and equipment	220.5		30.0		250.5
Long-term assets, primarily operating lease right-of-use assets	40.6		0.3		40.9
Amortizing intangible assets	362.2		5.9		368.1
Accounts payable	(136.5)		(4.6)		(141.1)
Contract liabilities	(151.3)		(1.5)		(152.8)
Current liabilities, primarily accrued expenses	(327.1)		(1.4)		(328.5)
Long-term debt, including finance lease obligations	(330.8)		(0.2)		(331.0)
Long-term liabilities, primarily operating lease liabilities and deferred income taxes	(104.1)		(0.2)		(104.3)
Total identifiable net assets	$	178.0	$	36.0	$	214.0
Goodwill	570.5		15.5		586.0
Total net assets acquired, including goodwill	$	748.5	$	51.5	$	800.0