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Business Combinations (Tables) | 9 Months Ended
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Aug. 02, 2019
Business Combinations [Abstract] |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the allocation of the preliminary purchase price to the values assigned to the CMW assets acquired and liabilities assumed. These values are based on internal company and independent external third-party valuations and are subject to change as certain asset and liability valuations are finalized:
(Dollars in thousands) |  | April 1, 2019
Cash and cash equivalents |  | $ | 16,341 |
Receivables |  | 65,674 |
Inventories |  | 242,594 |
Prepaid expenses and other current assets |  | 9,218 |
Property, plant and equipment |  | 142,405 |
Goodwill |  | 154,040 |
Other intangible assets |  | 227,280 |
Other long-term assets |  | 7,971 |
Accounts payable |  | (36,655 | )
Accrued liabilities |  | (46,866 | )
Deferred income tax liabilities |  | (79,628 | )
Other long-term liabilities |  | (6,709 | )
Total fair value of net assets acquired |  | 695,665 |
Less: cash and cash equivalents acquired |  | (16,341 | )
Total purchase price |  | $ | 679,324 |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination | The preliminary fair values of the other intangible assets acquired on the closing date, related accumulated amortization from the closing date through August 2, 2019, and preliminary weighted-average useful lives were as follows:
(Dollars in thousands) |  | Weighted-Average Useful Life |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net
Customer-related |  | 18.2 |  | $ | 105,700 |  |  | $ | (2,180 | ) |  | $ | 103,520 |
Developed technology |  | 7.7 |  | 19,300 |  |  | (1,064 | ) |  | 18,236 |
Trade names |  | 20.0 |  | 5,300 |  |  | (88 | ) |  | 5,212 |
Backlog |  | 0.5 |  | 6,580 |  |  | (4,387 | ) |  | 2,193 |
Total amortizable |  | 15.9 |  | 136,880 |  |  | (7,719 | ) |  | 129,161 |
Non-amortizable - trade names |  |  |  | 90,400 |  |  | — |  |  | 90,400 |
Total other intangible assets, net |  |  |  | $ | 227,280 |  |  | $ | (7,719 | ) |  | $ | 219,561 |
Business Acquisition, Pro Forma Information | The following table presents the unaudited pro forma financial information:
|  | Three Months Ended |  | Nine Months Ended
(Dollars in thousands, except per share data) |  | August 2, 2019 |  | August 3, 2018 |  | August 2, 2019 |  | August 3, 2018
Net sales |  | $ | 838,713 |  |  | $ | 854,314 |  |  | $ | 2,702,956 |  |  | $ | 2,603,850 |
Net earnings 1 |  | 87,180 |  |  | 85,647 |  |  | 320,740 |  |  | 237,935 |
Basic net earnings per share of common stock |  | 0.81 |  |  | 0.81 |  |  | 3.01 |  |  | 2.23 |
Diluted net earnings per share of common stock 1 |  | $ | 0.81 |  |  | $ | 0.79 |  |  | $ | 2.97 |  |  | $ | 2.18 |
1 | On January 1, 2019, CMW amended its retiree medical plans so that no employee hired, or rehired, after that date would be eligible for such retiree medical plans. CMW further amended its retiree medical plans on February 14, 2019 so that no employee who terminates employment after February 14, 2019 is eligible to participate in the retiree medical plans and to terminate its retiree medical plans effective December 31, 2019. The amendments and resulting termination of CMW's retiree medical plans resulted in a gain of approximately $45.8 million. This gain is reflected within net earnings in the unaudited pro forma financial information for the nine month period ended August 2, 2019. The impact on diluted net earnings per share of common stock for the nine month period ended August 2, 2019 was $0.42 per diluted share of common stock.

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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=84161108&loc=d3e4845-128472 + Details
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