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Acquisitions (Tables) | 6 Months Ended
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Jun. 30, 2022
Business Combinations [Abstract] |
Schedule of Business Acquisitions, by Acquisition | The preliminary allocation of the $824.4 million purchase price to the estimated fair values of the tangible and intangible assets acquired and liabilities assumed is as follows:
(in thousands) |  |  | Amount
Cash and cash equivalents |  |  | $ | 19,010 |
Trade accounts receivable, net |  |  | 63,607 |
Inventory |  |  | 102,608 |
Other current assets |  |  | 4,491 |
Property and equipment, net |  |  | 87,156 |
Operating lease right-of-use assets |  |  | 6,219 |
Goodwill |  |  | 376,908 |
Intangible assets, net |  |  | 358,761 |
Other noncurrent assets |  |  | 1,428 |
Total assets |  |  | 1,020,188 |
Trade accounts payable |  |  | 46,467 |
Accrued liabilities and other current liabilities |  |  | 21,922 |
Operating lease liabilities |  |  | 6,034 |
Deferred income tax and other long-term liabilities |  |  | 121,360 |
Total purchase price |  |  | $ | 824,405 |
The estimated fair value of intangible assets acquired was determined primarily using income approach methodologies. The preliminary values allocated to intangible assets and the useful lives are as follows:
(in thousands except useful lives) |  |  | Weighted-average useful life (in years) | Amount
Customer relationships |  |  | 16 | $ | 220,810 |
Trade names |  |  | Indefinite | 93,811 |
Developed technology |  |  | 12.5 | 44,140 |
|  |  |  | $ | 358,761 |
Business Acquisition, Pro Forma Information | The following unaudited pro forma consolidated financial information has been prepared using the acquisition method of accounting in accordance with U.S. GAAP:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(in thousands) | 2022 |  | 2021 |  | 2022 |  | 2021
Net sales | $ | 593,232 |  |  | $ | 498,805 |  |  | $ | 1,165,986 |  |  | $ | 923,579 |
Net income | $ | 104,823 |  |  | $ | 79,535 |  |  | $ | 210,772 |  |  | $ | 114,884 |
Pro forma earnings per common share: |  |  |  |  |  |  |
Basic | $ | 2.43 |  |  | $ | 1.83 |  |  | $ | 4.88 |  |  | $ | 2.65 |
Diluted | $ | 2.42 |  |  | $ | 1.82 |  |  | $ | 4.87 |  |  | $ | 2.63 |
Weighted average shares outstanding: |  |  |  |  |  |  |
Basic | 43,145 |  |  | 43,434 |  |  | 43,162 |  |  | 43,406 |
Diluted | 43,240 |  |  | 43,641 |  |  | 43,306 |  |  | 43,620 |

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(3) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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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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