Business Combinations (Tables)
|
12 Months Ended |
Dec. 31, 2021 |
| Business Combination and Asset Acquisition [Abstract] |
|
| Business Combination, Segment Allocation |
The following table summarizes the recognized intangible assets, goodwill and earn-out provisions, as a result of the cumulative valuation and purchase price allocations on effective date of acquisition, for the 2020 acquisitions:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | Company acquired | | Date acquired | | Goodwill | | Intangibles Assets | Contingent Earn-Out Provision | | | | | (In thousands) | |
|
|
|
|
| Trimax | | May-20 | | $ | 9,930 | | | $ | 873 | | | $ | 2,560 | | | AssureEdge | | Oct-20 | | 3,192 | | | 797 | | | — | | | Total for 2020 acquisitions | | | | $ | 13,122 | | | $ | 1,670 | | | $ | 2,560 | | | | | | | | | | | |
|
| Schedule of Net Assets Acquired in Business Acquisitions |
The following table summarizes the fair value of the consideration transferred, net assets acquired and liabilities assumed, as of the acquisition date, for acquisitions closed during 2020: | | | | | | | | | | | | 2020 | | (In thousands) | | Acquisitions | | Fair value of total consideration transferred | | | | Cash | | $ | 13,774 | | | Consideration payable | | 1,568 | | | Contingent earn-out consideration arrangement (net) | | 2,560 | | |
| Total consideration transferred | | 17,902 | | | | | | Fair value of equity components recorded (not part of consideration) | | | |
| Recognition of noncontrolling interest of joint ventures | | 1,350 | | | Total equity components recorded | | 1,350 | | | | | | Total consideration transferred and equity components recorded | | $ | 19,252 | | | | | | Fair value of assets acquired and liabilities assumed | | | | Cash, net of adjustment | | $ | 1,358 | | |
|
| Other current assets | | 2,812 | | | Property, plant, and equipment | | 3,451 | | | Other long-term assets | | 103 | | | Intangible assets, definite-lived | | 1,670 | | |
|
|
| Current and other liabilities, net of consideration transferred | | (3,264) | | | Net assets acquired, excludes goodwill | | 6,130 | | | | | | Goodwill | | 13,122 | | | | | | Total net assets acquired | | $ | 19,252 | |
|
| Schedule of Identified Intangible Assets Acquired as Part of Business Acquisitions |
The following table summarizes the separately identified intangible assets acquired as a result of the acquisitions that occurred during 2020: | | | | | | | | | | | | | | | | | | |
| | | 2020 Acquisitions | | | | | | Weighted Average | | | Intangible asset category | | Fair Value | | Useful Life | | | | | (In thousands) | | (In years) | | | Customer contracts and related customer relationships* | | $ | 1,203 | | | 8.2 | | | Developed technology* | | 467 | | | 5.0 | | |
|
|
|
|
|
| Total acquired intangible assets | | $ | 1,670 | | | 7.3 | | | *Purchase accounting adjustments during 2021 related to the 2020 acquisitions | | | | | |
|
| Schedule of Intangible Assets, Future Amortization Expense |
Estimated aggregate future amortization expense for the intangible assets recorded as part of the business acquisitions described above and all other prior acquisitions is as follows: | | | | | | | Future Amortization Expenses (In thousands): | | | For the year ended December 31, 2022 | $ | 9,695 | | | For the year ended December 31, 2023 | 7,692 | | | For the year ended December 31, 2024 | 5,934 | | | For the year ended December 31, 2025 | 4,530 | | | For the year ended December 31, 2026 | 3,771 | | | Thereafter | 15,173 | | | | | | | $ | 46,795 | |
|