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ACQUISITIONS (Tables) | 6 Months Ended
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Jun. 30, 2020
Business Combinations [Abstract] |
Business Acquisition, Schedule of Consideration Transferred | The total preliminary estimated fair value of consideration transferred for the Merger consisted of the following:
| (In thousands)
Cash portion attributable to common stock outstanding | $ | 2,476,010 |
Cash portion attributable to options and restricted stock units outstanding | 87,375 |
Fair value of cash consideration | 2,563,385 |
Common stock consideration | 313,512 |
Series A preferred stock consideration | 573,786 |
Fair value of equity consideration | 887,298 |
Extinguishment of Anixter obligations, including accrued and unpaid interest | 1,248,403 |
Total purchase consideration | $ | 4,699,086 |
Supplemental cash flow disclosure related to acquisitions: |
Cash paid for acquisition | $ | 3,811,788 |
Less: Cash acquired | (103,463) |
Cash paid for acquisition, net of cash acquired | $ | 3,708,325 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table sets forth the preliminary allocation of the purchase consideration to the respective fair value of assets acquired and liabilities assumed for the acquisition of Anixter:
| (In thousands)
Assets |
Cash and cash equivalents | $ | 103,463 |
Trade accounts receivable | 1,309,894 |
Other accounts receivable | 116,386 |
Inventories | 1,424,768 |
Prepaid expenses and other current assets | 53,462 |
Property, buildings and equipment | 215,513 |
Operating lease assets | 262,238 |
Intangible assets | 1,832,700 |
Goodwill | 1,367,981 |
Other assets | 114,258 |
Total assets | $ | 6,800,663 |
Liabilities |
Accounts payable | $ | 920,163 |
Accrued payroll and benefit costs | 69,480 |
Short-term debt and current portion of long-term debt | 13,225 |
Other current liabilities | 221,574 |
Long-term debt | 77,822 |
Operating lease liabilities | 200,286 |
Deferred income taxes | 392,165 |
Other noncurrent liabilities | 206,862 |
Total liabilities | $ | 2,101,577 |
Fair value of net assets acquired, including goodwill and intangible assets | $ | 4,699,086 |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination | The following table sets forth the preliminary identifiable intangible assets and their estimated weighted-average useful lives:
Identifiable Intangible Assets | Estimated Fair Value |  | Weighted-Average Estimated Useful Life in Years
| (In thousands) |  |
Customer relationships | $ | 1,093,700 |  |  | 15
Trademarks | 735,000 |  |  | Indefinite
Non-compete agreements | 4,000 |  |  | 1
Total identifiable intangible assets | $ | 1,832,700 |  |  |
Business Acquisition, Pro Forma Information |
| Three Months Ended |  |  |  | Six Months Ended |  |
(In thousands) | June 30, 2020 |  | June 30, 2019 |  | June 30, 2020 |  | June 30, 2019
Pro forma net sales | $ | 3,678,504 |  |  | $ | 4,384,752 |  |  | $ | 7,691,263 |  |  | $ | 8,425,934 |
Pro forma net income attributable to common stockholders | 29,421 |  |  | 71,180 |  |  | 47,410 |  |  | 97,898 |
Schedule of Business Acquisitions, by Acquisition | The following table sets forth the consideration paid for the acquisition of SLS:
| Six Months Ended
| June 30
| 2019
| (In thousands)
Fair value of assets acquired | $ | 34,812 |
Fair value of liabilities assumed | 7,070 |
Cash paid for acquisition | $ | 27,742 |

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- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1486-128463 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + 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 http://asc.fasb.org/extlink&oid=121647850&loc=d3e4845-128472 + Details
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