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Acquisitions and Dispositions (Tables) | 12 Months Ended
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Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract] |
Schedule of Final Valuation of the Long-Lived Assets | The following table summarizes the allocation of the purchase price to acquire these businesses, which were financed by available cash balances, as well as the assets acquired and liabilities assumed at the respective acquisition dates. During the year, adjustments were made to the Mueller Middle East provisional purchase price allocation resulting in a decrease in goodwill of $11.2 million, a decrease in the noncontrolling interest of $5.6 million, an increase in property, plant, and equipment of $4.2 million, a decrease in liabilities of $0.9 million, and an increase in intangible assets of $0.5 million. The purchase price allocations for all acquisitions have been finalized as of December 31, 2022.
(In thousands) |  | Mueller Middle East |  |  | H&C Flex |  | Kessler |  | Shoals |
Total consideration |  | $ | 20,017 |  |  |  | $ | 15,279 |  | $ | 57,233 |  | $ | 15,321 |  |
Allocated to: |  |  |  |  |  |  |  |  |  |
Accounts receivable |  | 10,652 |  |  |  | — |  | — |  | 660 |  |
Inventories |  | 4,727 |  |  |  | 4,511 |  | 25,106 |  | 1,809 |  |
Other current assets |  | 1,744 |  |  |  | — |  | — |  | 26 |  |
Property, plant, and equipment |  | 26,664 |  |  |  | 10,813 |  | 2,211 |  | 3,700 |  |
Operating lease right-of-use assets |  | 935 |  |  |  | — |  | 10,526 |  | — |  |
Goodwill |  | 864 |  |  |  | — |  | 11,600 | (1) | 1,870 |  | (1)
Intangible assets |  | 452 |  |  |  | — |  | 16,600 |  | 7,480 |  |
Total assets acquired |  | 46,038 |  |  |  | 15,324 |  | 66,043 |  | 15,545 |  |
Accounts payable |  | 4,593 |  |  |  | — |  | — |  | 217 |  |
Current portion of operating lease liabilities |  | — |  |  |  | — |  | 1,692 |  | — |  |
Other current liabilities |  | 10,941 |  |  |  | 45 |  | — |  | 7 |  |
Noncurrent operating lease liabilities |  | — |  |  |  | — |  | 7,118 |  | — |  |
Other noncurrent liabilities |  | 692 |  |  |  | — |  | — |  | — |  |
Total liabilities assumed |  | 16,226 |  |  |  | 45 |  | 8,810 |  | 224 |  |
Noncontrolling interest |  | 9,795 |  |  |  | — |  | — |  | — |  |
Net assets acquired |  | $ | 20,017 |  |  |  | $ | 15,279 |  | $ | 57,233 |  | $ | 15,321 |  |
(1) Tax-deductible goodwill
Schedule of Intangible Assets Identified in the Allocation of the Purchase Price | The following details the total intangible assets identified in the allocation of the purchase price at the respective acquisition dates:
(In thousands) |  | Estimated Useful Life |  | Mueller Middle East |  | Kessler |  | Shoals
Intangible asset type: |  |  |  |  |  |  |  |
Customer relationships |  | 20 years |  | $ | 452 |  |  | $ | 12,640 |  |  | $ | 4,290 |
Non-compete agreements |  | 3-5 years |  | — |  |  | — |  |  | 150 |
Patents and technology |  | 10-15 years |  | — |  |  | — |  |  | 2,620 |
Trade names, licenses, and other |  | 5-10 years |  | — |  |  | 3,960 |  |  | 420 |
Total intangible assets |  |  |  | $ | 452 |  |  | $ | 16,600 |  |  | $ | 7,480 |

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- Definition Tabular disclosure of finite-lived intangible assets acquired as part of a business combination or through an asset purchase, by major class and in total, including the value of the asset acquired, any significant residual value (the expected value of the asset at the end of its useful life) and the weighted-average amortization period. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=66006027&loc=d3e16265-109275 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=128092470&loc=d3e4845-128472 + Details
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