DIVESTITURES AND ACQUISITIONS (Tables)

12 Months Ended

Dec. 31, 2018

The allocation of the purchase price based on the fair value of assets acquired and liabilities assumed is set forth below. We finalized the purchase price allocation associated with the valuation of certain intangible assets and deferred tax balances at December 31, 2017; as a result, the provisional measurements of intangible assets, goodwill and deferred income tax balances did not change.



(in thousands)	Acquisition date fair values
Cash	$	4,379
Accounts receivable	11,270
Contracts in progress	3,167
Inventories	4,585
Other assets	579
Property, plant and equipment	16,692
Goodwill	14,413
Identifiable intangible assets	19,500
Deferred income tax assets	935
Current liabilities	(10,833		)
Other noncurrent liabilities	(1,423		)
Deferred income tax liabilities	(6,338		)
Net acquisition cost	$	56,926

The allocation of the purchase price, based on the fair value of assets acquired and liabilities assumed, is detailed below.



(in thousands)	Acquisition date fair values
Cash	$	25,994
Accounts receivable	58,843
Contracts in progress	61,155
Inventories	2,554
Other assets	7,341
Property, plant and equipment	6,104
Goodwill	72,401
Identifiable intangible assets	55,164
Deferred income tax assets	5,550
Revolving debt	(27,530		)
Current liabilities	(56,323		)
Advance billings on contracts	(15,226		)
Other noncurrent liabilities	(379		)
Deferred income tax liabilities	(17,120		)
Noncontrolling interest in joint venture	(7,754		)
Net acquisition cost	$	170,774

Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination

The intangible assets included above consist of the following:



(in thousands)	Fair value (in thousands)		Weighted average estimated useful life (in years)
Customer relationships	$	12,217	9
Backlog	17,769		2
Trade names / trademarks	8,885		20
Technology	14,438		10
Non-compete agreements	1,666		3
Internally-developed software	189		3
Total amortizable intangible assets	$	55,164

The intangible assets included above consist of the following:



	Fair value (in thousands)		Weighted average estimated useful life (in years)
Customer relationships	$	10,800	15
Backlog	1,700		1
Trade names / trademarks	3,000		20
Technology	4,000		7
Total amortizable intangible assets	$	19,500

Business Acquisition, Pro Forma Information

The following unaudited pro forma financial information below represents our results of operations for year ended December 31, 2016 had the SPIG acquisition occurred on January 1, 2016. The unaudited pro forma financial information below is not intended to represent or be indicative of our actual consolidated results had we completed the acquisition at January 1, 2016. This information should not be taken as representative of our future consolidated results of operations.



	Year Ended December 31,
(in thousands)	2016
Revenues	$	1,663,126
Net loss attributable to B&W	(111,500		)
Basic earnings per common share	(2.22		)
Diluted earnings per common share	(2.22		)

The following unaudited pro forma financial information below represents our results of operations for year ended December 31, 2016 had the Universal acquisition occurred on January 1, 2016. The unaudited pro forma financial information below is not intended to represent or be indicative of our actual consolidated results had we completed the acquisition at January 1, 2016. This information should not be taken as representative of our future consolidated results of operations.



	Year Ended
(in thousands)	December 31, 2016
Revenues	$	1,660,986
Net loss attributable to B&W	(113,940		)
Basic earnings per common share	(2.27		)
Diluted earnings per common share	(2.27		)