Business Combination (Tables)

3 Months Ended

Mar. 31, 2021

Schedule of Calculation of Consideration Transferred

The calculation of consideration transferred is as follows:

(In thousands, except ratios and per share amounts)	Amount
Number of BMC common shares outstanding		67,568
Exchange ratio for common shares outstanding per Merger Agreement		1.3125
Shares of BFS common stock issued for BMC outstanding common stock		88,683
Number of BMC stock awards that vested as a result of the BMC Merger		688
Exchange ratio for stock awards expected to vest per Merger Agreement		1.3125
Shares of BFS common stock issued for BMC vested equity awards		903
Price per share of BFS common stock	$	40.81
Fair value of BFS common stock issued for BMC outstanding common stock and vested equity awards	$	3,655,988
Fair value of modified BMC fully vested, unexercised options		2,374
Total consideration transferred	$	3,658,362

Summary of Aggregate Preliminary Fair Values of Assets Acquired and Liabilities Assumed

The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed for BMC (in thousands):


(In thousands)		Amount
Cash and cash equivalents	$	167,490
Accounts receivable		469,204
Other receivables		36,704
Inventories		460,146
Other current assets		32,891
Property, plant and equipment		555,170
Operating lease right-of-use assets		179,133
Goodwill		1,751,604
Intangible assets		1,470,000
Other assets		6,244
Total assets	$	5,128,586
Accounts payable	$	279,980
Accrued liabilities		246,119
Operating lease liabilities		180,650
Long-term debt		366,797
Deferred income taxes		349,971
Other long-term liabilities		46,707
Total liabilities	$	1,470,224
Total consideration transferred	$	3,658,362

Pro Forma Operating Results

The following table reflects the pro forma operating results for the Company which gives effect to the BMC Merger as if it had occurred on January 1, 2020.

	Three Months Ended March 31,
(In thousands)	2021		2020
Net sales	$	4,173,775	$	2,707,900
Net income (loss)		231,991		(86,675)