2019 BBNC Annual Report - Page 58

(C) FSUCS, LLC In April 2017, the Corporation acquired 100% of FSUCS, LLC, a construction company. The following table summarizes the consideration paid for FSUCS, LLC and the amounts of estimated fair value of the assets acquired and liabilities assumed at the acquisition date (in thousands): CONSIDERATION: Cash $ Contingent consideration arrangement 4,256 1,100 5,356 FAIR VALUE OF TOTAL CONSIDERATION TRANSFERRED RECOGNIZED AMOUNTS OF IDENTIFIABLE ASSETS ACQUIRED AND LIABILITIES ASSUMED: Accounts receivable $ Costs and earnings in excess of billings 2,394 17 Property, plant, and equipment 460 Intangible assets: Customer relationships (amortized over 10 years) 1,840 Billings in excess of costs and earnings (455) Total identifiable net assets assumed 4,256 Goodwill 1,100 TOTAL $ 5,356 Goodwill consists of an assembled workforce and synergies and those cost reductions. Goodwill from this acquisition is tax deductible. The Corporation incurred insignificant acquisition related costs. FSUCS, LLC’s operating results from the date of acquisition are included in the consolidated statement of operations in the Construction line of business. (4) GOODWILL AND INTANGIBLES The change in the carrying amount of Goodwill for the years ended March 31, 2019 and 2018 are as follows (in thousands): BALANCE AS OF APRIL 1, 2017 $ Acquisition of FSUCS, LLC BALANCE AS OF MARCH 31, 2018 Acquisition of Environmental Resource Solutions, Inc. Acquisition of Panhandle Power Solution, LLC BALANCE AS OF MARCH 31, 2019 56 BBNC FY2019 ANNUAL REPORT 40,619 1,100 $ 41,719 1,120 132 42,971