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Acquisitions
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12 Months Ended |
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Dec. 31, 2013
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| Acquisitions [Abstract] | |
| Acquisitions |
(5) Acquisitions
Wheeler Bros., Inc.
On June 6, 2011, we acquired WBI, a supply chain management company that supplies vehicle parts to the USPS and DoD. We may be required to make total payments of up to $40 million in respect of a four-year post-closing period ending June 30, 2015 if WBI achieves certain financial performance targets during such four-year period. WBI achieved required financial performance targets for the first year earn-out period ended June 30, 2012 and, as a result, the sellers were paid approximately $7.1 million in September 2012 in respect of WBI's performance during the first earn-out period. WBI achieved required performance targets for the second year earn-out period ended June 30, 2013 and, as a result, the sellers were paid $219 thousand in September 2013 in respect of WBI's performance during the second earn-out period. Included in earn-out obligation on the December 31, 2013 balance sheet is a liability of approximately $9.1 million for WBI, which represents our best estimate of the present value of our remaining earn-out obligation. Changes in the fair value of the earn-out obligations are recognized in earnings in the period of change through settlement.
Akimeka, LLC
On August 19, 2010, we acquired Akimeka, a health services information technology consulting company serving the government market.
Upon acquisition, potential additional payments ("earn-out") were payable to the sellers of up to $11 million in respect of a three-year post-closing period if Akimeka achieved certain financial performance targets during the earn-out period. Because Akimeka did not achieve the required financial performance targets for the years ended December 31, 2012 and 2011, no earn-out payments were made. Because Akimeka did not achieve the required financial performance targets for the final one-year earn-out period ended December 31, 2013, no liability for such final earn-out period was recorded. Changes in the fair value of the earn-out obligations are recognized in earnings in the period of change through settlement.
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