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Business Combinations (Tables) | 12 Months Ended
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Dec. 31, 2017
Business Combinations |
Schedule of revenue and net income since acquisition date included in the Condensed Consolidated Statements of Operations | Revenue and net income since the respective acquisition dates included in our Consolidated Statements of Operations were as follows, in thousands:
|  | Year ended December 31, 2017
|  | Net Sales |  | Net Income
Midwest |  | $ | 17,122 |  | $ | 304
EcoFoam |  | $ | 22,315 |  | $ | 1,747
Superior |  | $ | 9,508 |  | $ | 922
Canyon |  | $ | 13,333 |  | $ | 1,279
All others |  | $ | 8,412 |  | $ | 892
Schedule of pro forma results | Our pro forma results are presented below, in thousands:
|  | Pro forma for the year ended December 31,
|  | 2017 |  |  | 2016
Net sales |  | $ | 1,928,082 |  | $ | 1,829,026
Net income |  | $ | 159,440 |  | $ | 76,894
Schedule of additional expense included in the pro forma operating profit and net income | The following table details the additional expense included in the unaudited pro forma net income that would have been recorded had the acquisitions taken place on January 1, 2016, in thousands:
|  | Pro forma for the year ended December 31,
|  | 2017 |  | 2016
Amortization of intangible assets |  | $ | 1,131 |  | $ | 3,663
Income tax expense (using normalized 38% ETR) |  | $ | 801 |  | $ | 2,628
Schedule of estimated fair values of the assets acquired and liabilities assumed for the acquisitions | The estimated fair values of the assets acquired and liabilities assumed for the acquisitions, as well as total consideration paid, approximated the following as of December 31, in thousands:
|  | 2017
|  | Midwest |  | EcoFoam |  | Superior |  | Canyon |  | All others |  | Total
Estimated fair values: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts receivable |  | $ | 6,576 |  | $ | 3,819 |  | $ | 2,012 |  | $ | 8,222 |  | $ | 678 |  | $ | 21,307
Inventories |  |  | 75 |  |  | 1,119 |  |  | 321 |  |  | 575 |  |  | 141 |  |  | 2,231
Prepaid and other assets |  |  | — |  |  | 27 |  |  | 1 |  |  | 6 |  |  | 6 |  |  | 40
Property and equipment |  |  | 655 |  |  | 1,544 |  |  | 361 |  |  | 460 |  |  | 357 |  |  | 3,377
Intangible assets |  |  | 2,740 |  |  | 6,700 |  |  | 5,280 |  |  | 15,220 |  |  | 3,640 |  |  | 33,580
Goodwill |  |  | 3,538 |  |  | 10,796 |  |  | 3,662 |  |  | 10,095 |  |  | 4,037 |  |  | 32,128
Accounts payable |  |  | (1,359) |  |  | (1,378) |  |  | (681) |  |  | (163) |  |  | (26) |  |  | (3,607)
Accrued liabilities |  |  | — |  |  | (302) |  |  | (4) |  |  | — |  |  | — |  |  | (306)
Net assets acquired |  | $ | 12,225 |  | $ | 22,325 |  | $ | 10,952 |  | $ | 34,415 |  | $ | 8,833 |  | $ | 88,750
Schedule of fair value of consideration transferred | The following table details the fair value of consideration transferred as of December 31, in thousands:
|  | 2017
|  | Midwest |  | EcoFoam |  | Superior |  | Canyon |  | All others |  | Total
Fair value of consideration: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash |  | $ | 12,225 |  | $ | 20,215 |  | $ | 10,952 |  | $ | 31,865 |  | $ | 8,833 |  | $ | 84,090
Deferred consideration |  |  | — |  |  | — |  |  | — |  |  | 2,550 |  |  | — |  |  | 2,550
Contingent consideration |  |  | — |  |  | 2,110 |  |  | — |  |  | — |  |  | — |  |  | 2,110
Total consideration transferred |  | $ | 12,225 |  | $ | 22,325 |  | $ | 10,952 |  | $ | 34,415 |  | $ | 8,833 |  | $ | 88,750
Schedule of estimates of acquired intangible assets related to the acquisitions | Estimates of acquired intangible assets related to the acquisitions are as follows, as of December 31, in thousands:
|  | 2017
|  | Estimated Fair Value |  | Weighted Average Estimated Useful Life (Years)
Fair value of intangibles: |  |  |  |  |  |
Customer relationships |  | $ | 26,170 |  |  | 10
Trademarks and trade names |  |  | 1,780 |  |  | 10
Non-competition agreements |  |  | 5,630 |  |  | 5
Total intangible assets |  | $ | 33,580 |  |  | 9
Schedule of fair value of contingent consideration | The following table presents the fair value of contingent consideration as of December 31, 2017, in thousands:
|  | Fair Value of Contingent Consideration Recognized at Acquisition Date |  | Settlement of Contingent Consideration |  | Adjustment to Contingent Consideration Charged to Expense |  | Liability Balance for Contingent Consideration
EcoFoam |  | $ | 2,110 |  | $ | — |  | $ | 149 |  | $ | 2,259

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