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Acquisitions (Tables) | 12 Months Ended
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Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract] |
Schedule of Purchase Price Allocation | The following presents the preliminary allocation of purchase price to the assets acquired and liabilities assumed in the FW Murphy acquisition, based on their estimated fair values at acquisition date:
| Total |  |  |
Current assets | $ | 26,564 |  |  |  |
Goodwill | 224,771 |  |  |  |
Intangible assets | 275,500 |  |  |  |
Other assets and deferred charges | 9,508 |  |  |  |
Current liabilities | (1,316) |  |  |  |
Non-current liabilities | (8,570) |  |  |  |
Net assets acquired | $ | 526,457 |  |  |  |
The following presents the allocation of purchase price to the assets acquired and liabilities assumed under the Malema acquisition, based on their estimated fair values at acquisition date:
|  | Total
Current assets, net of cash acquired |  | $ | 8,985 |
Property, plant and equipment |  | 2,733 |
Goodwill |  | 153,082 |
Intangible assets |  | 84,000 |
Other assets and deferred charges |  | 1,159 |
Current liabilities |  | (4,487) |
Non-current liabilities |  | (22,010) |
Net assets acquired |  | $ | 223,462 |
The following presents, for the two acquisitions other than Malema, the allocation of purchase price to the assets acquired and liabilities assumed, based on their estimated fair values at acquisition date:
| Total |  |  |
Current assets, net of cash acquired | $ | 28,435 |  |  |  |
Property, plant and equipment | 4,222 |  |  |  |
Goodwill | 43,682 |  |  |  |
Intangible assets | 40,437 |  |  |  |
Other assets and deferred charges | 3,580 |  |  |  |
Current liabilities | (19,172) |  |  |  |
Non-current liabilities | (15,142) |  |  |  |
Net assets acquired | $ | 86,042 |  |  |  |
The following presents the allocation of purchase price, net of cash acquired of $10,382, to the assets acquired and liabilities assumed under the RegO acquisition, based on their estimated fair values at acquisition date:
| Total |  |  |
Accounts receivable | $ | 33,900 |  |  |  |
Inventories | 71,529 |  |  |  |
Other current assets | 2,958 |  |  |  |
Property, plant and equipment | 50,027 |  |  |  |
Goodwill | 281,163 |  |  |  |
Intangible assets | 234,000 |  |  |  |
Other assets and deferred charges | 884 |  |  |  |
Current liabilities | (20,150) |  |  |  |
Non-current liabilities | (27,693) |  |  |  |
Net assets acquired | $ | 626,618 |  |  |  |
The following presents the allocation of purchase price to the assets acquired and liabilities assumed under the Acme Cryogenics acquisition, based on their estimated fair values at acquisition date:
| Total |  |  |
Current assets, net of cash acquired | $ | 25,932 |  |  |  |
Property, plant and equipment | 8,640 |  |  |  |
Goodwill | 167,291 |  |  |  |
Intangible assets | 127,300 |  |  |  |
Other assets and deferred charges | 5,057 |  |  |  |
Current liabilities | (7,286) |  |  |  |
Non-current liabilities | (34,628) |  |  |  |
Net assets acquired | $ | 292,306 |  |  |  |
The following presents, for the seven acquisitions other than RegO and Acme Cryogenics, the allocation of purchase price to the assets acquired and liabilities assumed, based on their estimated fair values at acquisition date:
| Total |  |  |
Current assets, net of cash acquired | $ | 12,751 |  |  |  |
Property, plant and equipment | 8,272 |  |  |  |
Goodwill | 135,932 |  |  |  |
Intangible assets | 78,179 |  |  |  |
Other assets and deferred charges | 4,485 |  |  |  |
Current liabilities | (15,368) |  |  |  |
Non-current liabilities | (17,389) |  |  |  |
Net assets acquired | $ | 206,862 |  |  |  |
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination | The amounts assigned to goodwill and major intangible asset classifications for all 2023 acquisitions were as follows:
| Amount allocated |  | Useful life (in years)
Goodwill | $ | 224,771 |  |  | na
Goodwill - non-deductible | 2,990 |  |  | na
Customer intangibles | 259,700 |  |  | 9 | - | 15
Unpatented technology | 12,510 |  |  | 7 | - | 8
Trademarks | 10,960 |  |  | 15
| $ | 510,931 |  |  |  |  |
The amounts assigned to goodwill and major intangible asset classifications for all 2022 acquisitions were as follows:
| Amount allocated |  | Useful life (in years)
Goodwill - non-deductible | $ | 196,764 |  |  | na
Customer intangibles | 90,742 |  |  | 10 | - | 15
Patents | 16,000 |  |  | 10
Unpatented technology | 10,302 |  |  | 8
Trademarks | 7,393 |  |  | 15
| $ | 321,201 |  |  |  |  |
The amounts assigned to goodwill and major intangible asset classifications for all 2021 acquisitions were as follows:
| Amount allocated |  | Useful life (in years)
Goodwill - tax deductible | $ | 200,117 |  |  | na
Goodwill - non deductible | 384,269 |  |  | na
Customer intangibles | 310,819 |  |  | 12 | - | 15
Patents | 49,056 |  |  | 7 | - | 12
Unpatented technology | 44,180 |  |  | 7 | - | 12
Trademarks | 35,424 |  |  | 15 | - | 16
| $ | 1,023,865 |  |  |  |  |
Schedule of Pro Forma Results of Operations | The following unaudited pro forma results of operations reflect the 2021 acquisitions of RegO and Acme Cryogenics as if they had occurred on January 1, 2021. The pro forma information is not necessarily indicative of the results that actually would have occurred, nor does it indicate future operating results of the combined companies. The pro forma earnings are adjusted to reflect the comparable impact of additional depreciation and amortization expense, net of tax, resulting from the fair value measurement of tangible and intangible assets; nonrecurring acquisition-related costs, net of tax, of $5,855; and inventory step-up charges, net of tax, of $15,082. These unaudited pro forma adjustments are based upon purchase price allocations. The actual revenues and earnings for RegO and Acme Cryogenics from the date of acquisition on December 28, 2021 and December 16, 2021, respectively, to December 31, 2021 were not material.
| Year Ended December 31, 2021 |  |
Revenue: |  |  |
As reported | $ | 7,907,081 |  |  |
Pro forma (unaudited) | 8,163,185 |  |  |
Earnings: |  |  |
As reported | $ | 1,123,818 |  |  |
Pro forma (unaudited) | 1,145,106 |  |  |

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