Summary of Changes in Quanta's Goodwill |
A summary of changes in Quanta’s goodwill is as follows (in
thousands):
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Electric Power
Division
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Oil and Gas
Infrastructure
Division
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Fiber Optic
Licensing
Division |
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Total |
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Goodwill balance at December 31, 2013
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$ |
1,168,084 |
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$ |
277,843 |
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$ |
334,790 |
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$ |
1,780,717 |
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Goodwill acquired during 2014
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50,788 |
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|
7,556 |
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— |
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|
58,344 |
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Foreign currency translation related to goodwill
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|
1,111 |
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|
2,817 |
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— |
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3,928 |
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Goodwill balance at June 30, 2014
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$ |
1,219,983 |
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$ |
288,216 |
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$ |
334,790 |
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$ |
1,842,989 |
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Other Intangible Assets |
Activity in Quanta’s intangible assets consisted of the
following (in thousands):
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As of
December 31, 2013
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Six Months Ended June 30,
2014 |
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As of
June 30, 2014
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Intangible
Assets
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Accumulated
Amortization
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Amortization
Expense
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Additions |
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Foreign
Currency
Adjustments
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Intangible
Assets, Net
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Remaining
Weighted
Average
Amortization
Period in Years |
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Customer relationships
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$ |
199,224 |
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$ |
(59,417 |
) |
|
$ |
(7,413 |
) |
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$ |
13,322 |
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|
$ |
402 |
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|
$ |
146,118 |
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|
10.4 |
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Backlog
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|
136,831 |
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(127,233 |
) |
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(6,134 |
) |
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5,855 |
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|
65 |
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9,384 |
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0.9 |
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Trade names
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40,342 |
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(4,228 |
) |
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(957 |
) |
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2,044 |
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|
172 |
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37,373 |
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22.5 |
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Non-compete agreements
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28,895 |
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(22,861 |
) |
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(1,315 |
) |
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|
743 |
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6 |
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5,468 |
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3.1 |
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Patented rights and developed technology
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21,440 |
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(9,616 |
) |
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(1,041 |
) |
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|
404 |
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|
9 |
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11,196 |
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4.9 |
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Total intangible assets subject to amortization
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426,732 |
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(223,355 |
) |
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(16,860 |
) |
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|
22,368 |
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|
|
654 |
|
|
|
209,539 |
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|
11.7 |
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Other intangible assets not subject to amortization
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|
4,500 |
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|
— |
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|
— |
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— |
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— |
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4,500 |
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N/A |
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Total intangible assets
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$ |
431,232 |
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$ |
(223,355 |
) |
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$ |
(16,860 |
) |
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$ |
22,368 |
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|
$ |
654 |
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|
$ |
214,039 |
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N/A |
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Estimated Future Aggregate Amortization Expense of Intangible Assets |
The estimated future aggregate amortization expense of intangible
assets as of June 30, 2014 is set forth below (in
thousands):
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For the Fiscal Year Ending December 31,
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Remainder of 2014
|
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$ |
16,937 |
|
2015
|
|
|
22,160 |
|
2016
|
|
|
20,729 |
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2017
|
|
|
19,257 |
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2018
|
|
|
18,980 |
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Thereafter
|
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|
111,476 |
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Total
|
|
$ |
209,539 |
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