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Business Combinations | 9 Months Ended
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Sep. 30, 2023
Business Combinations [Abstract] |
Business Combinations | 2. Business Combinations During the first nine months of the year, we acquired certain assets and the operations of Noltex Holdings, Inc. and its affiliates (“Noltex”), Builder’s Millwork Supply (“BMS”), JB Millworks (“JBM”), Church’s Lumber (“Church’s”) and Frank’s Cash and Carry (“FCC”) for a combined total of $156.7 million. Noltex manufactures trusses and provides building components to single- and multi-family customers, serving Texas markets in the Dallas-Fort Worth, San Antonio, Houston, Lubbock, and Midland areas. BMS and JBM manufacture and supply millwork and trim in the Anchorage, Alaska and Chattanooga, Tennessee areas, respectively. Church’s and FCC provide lumber and other building supplies in the broader Detroit, Michigan area and the Florida Panhandle, respectively. The acquisitions were funded with a combination of cash on hand and borrowings under our $1.8 billion revolving credit facility due January 17, 2028 (the “Revolving Facility”). The transactions were accounted for by the acquisition method, and accordingly the results of operations have been included in the Company’s consolidated financial statements from the acquisition dates. The purchase price was allocated to the assets acquired and liabilities assumed based on estimated fair values at the acquisition dates, with the excess of purchase price over the estimated fair value of the net assets acquired recorded as goodwill. The following table summarizes the aggregate fair values of the assets acquired and liabilities assumed for the acquisitions described above:
|  | Total |
|  | (in thousands) |
Accounts receivable |  | $ | 9,235 |
Inventories |  |  | 24,154 |
Other current assets |  |  | 70 |
Property, plant and equipment |  |  | 11,744 |
Operating lease right-of-use assets |  |  | 11,868 |
Finance lease right-of-use assets |  |  | 528 |
Goodwill |  |  | 64,280 |
Intangible assets |  |  | 50,735 |
Other assets |  |  | 126 |
Total assets |  | $ | 172,740 |
Accounts payable |  | $ | 727 |
Accrued liabilities |  |  | 701 |
Contract liabilities |  |  | 2,260 |
Operating lease liabilities |  |  | 11,868 |
Finance lease liabilities |  |  | 528 |
Total liabilities |  | $ | 16,084 |
Total purchase consideration |  |  | 156,656 |
Less: accrued contingent consideration and purchase price adjustments |  |  | (13,750 | )
Total cash consideration |  | $ | 142,906 |

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479907/805-20-50-5 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//805/tableOfContent + Details
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