(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