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Note 2 - Acquisitions | 6 Months Ended
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Jun. 30, 2021
Notes to Financial Statements |
Business Combination Disclosure [Text Block] | 2. Acquisitions Fiscal 2021 On June 1, 2021, the Company acquired Deep Sea for a purchase price, net of cash acquired, of $420,700. Headquartered in Hunmanby, United Kingdom, Deep Sea is an industry leading designer and manufacturer of a diverse suite of flexible control solutions, focused on the global power generation and transfer switch space. The acquisition purchase price was funded solely through cash on hand. The Company recorded its preliminary purchase price allocation during the second quarter of 2021 based upon its estimates of the fair value of the acquired assets and assumed liabilities at that time. As a result, the Company recorded $437,120 of intangible assets, including $264,975 of goodwill recorded in the International segment, as of the acquisition date. The goodwill ascribed to this acquisition is not deductible for tax purposes. The accompanying condensed consolidated financial statements include the results of Deep Sea from the date of acquisition through June 30, 2021. Pro forma financial information is not presented as the effects of this acquisition are not material to the Company's results of operations or financial position prior to the acquisition date. Fiscal 2020 Acquisition of Enbala On October 7, 2020, the Company acquired Enbala for a purchase price, net of cash acquired, of $41,982. The acquisition purchase price was funded solely through cash on hand. The Company recorded its preliminary purchase price allocation during the fourth quarter of 2020, and was updated in the second quarter of 2021, based upon its estimates of the fair value of the acquired assets and assumed liabilities at that time. As a result, the Company recorded $46,645 of intangible assets, including $27,345 of goodwill recorded in the Domestic segment, as of the acquisition date. A portion of the goodwill ascribed to this acquisition is deductible for tax purposes. The accompanying condensed consolidated financial statements include the results of Enbala from the date of acquisition through June 30, 2021. Pro forma financial information is not presented as the effects of this acquisition or the combined acquisitions are not material to the Company's results of operations or financial position prior to the acquisition dates. Other Acquisitions In July 2020, the Company acquired Energy Systems, its industrial distributor in northern California. In September 2020, the Company acquired Mean Green, a designer and manufacturer of commercial grade, battery-powered turf care products. The combined purchase price for these two acquisitions was $20,905 and was funded solely through cash on hand. The accompanying condensed consolidated financial statements include the results of the acquired businesses since the dates of acquisition through June 30, 2021. Pro forma financial information is not presented for these acquisitions as the effects of the acquisitions individually and in the aggregate are not material to the Company's results of operations or financial position prior to the acquisition dates. Summary Purchase Price Allocations The fair values assigned to certain assets acquired and liabilities assumed, as of the acquisition dates, are as follows for the 2021 and 2020 acquisitions:
|  | 2021 Acquisition |  |  | 2020 Acquisitions |
Accounts receivable |  | $ | 9,574 |  |  | $ | 5,094 |
Inventories |  |  | 7,572 |  |  |  | 3,575 |
Prepaid expenses and other assets |  |  | 826 |  |  |  | 858 |
Property and equipment |  |  | 8,838 |  |  |  | 635 |
Intangible assets |  |  | 172,145 |  |  |  | 26,235 |
Goodwill |  |  | 264,975 |  |  |  | 40,842 |
Other assets |  |  | 3,505 |  |  |  | 1,122 |
Total assets acquired |  |  | 467,435 |  |  |  | 78,361 |
Accounts payable |  |  | 8,254 |  |  |  | 4,088 |
Accrued wages and employee benefits |  |  | 2,106 |  |  |  | 700 |
Other accrued liabilities |  |  | 3,688 |  |  |  | 2,151 |
Deferred income tax liabilities |  |  | 32,545 |  |  |  | 4,134 |
Other long-term liabilities |  |  | 142 |  |  |  | 4,401 |
Net assets acquired |  | $ | 420,700 |  |  | $ | 62,887 |
The allocation of the purchase price to identifiable assets for these acquisitions are based on the preliminary valuations performed to determine the fair value of the net assets as of their respective acquisition dates. The measurement period for the valuation of net assets acquired ends as soon as information on the facts and circumstances that existed as of the acquisition dates becomes available, but not to exceed 12 months following the acquisition date. Adjustments in purchase price allocations may require a change in the amounts allocated to net assets acquired during the periods in which the adjustments are determined. The Company does not expect any material changes to the preliminary purchase price allocations summarized above for acquisitions completed during 2020.

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