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Acquisitions (Tables) | 9 Months Ended
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Sep. 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 |  |  | 105,641 |
Other current assets |  |  | 4,491 |
Property and equipment, net |  |  | 89,143 |
Operating lease right-of-use assets |  |  | 4,920 |
Goodwill |  |  | 368,672 |
Intangible assets, net |  |  | 357,327 |
Other noncurrent assets |  |  | 1,428 |
Total assets |  |  | 1,014,239 |
Trade accounts payable |  |  | 46,457 |
Accrued liabilities and other current liabilities |  |  | 22,079 |
Operating lease liabilities |  |  | 5,176 |
Deferred income tax and other long-term liabilities |  |  | 116,122 |
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 |  |  | 15 | $ | 248,398 |
Trade names |  |  | Indefinite | 93,811 |
Developed technology |  |  | 10 | 11,256 |
Patents |  |  | 8 | 3,862 |
|  |  |  | $ | 357,327 |
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 September 30, |  | Nine Months Ended September 30,
(in thousands) | 2022 |  | 2021 |  | 2022 |  | 2021
Net sales | $ | 553,662 |  |  | $ | 472,172 |  |  | $ | 1,719,648 |  |  | $ | 1,395,751 |
Net income | $ | 92,327 |  |  | $ | 70,456 |  |  | $ | 302,579 |  |  | $ | 181,118 |
Pro forma earnings per common share: |  |  |  |  |  |  |
Basic | $ | 2.16 |  |  | $ | 1.63 |  |  | $ | 7.03 |  |  | $ | 4.18 |
Diluted | $ | 2.15 |  |  | $ | 1.62 |  |  | $ | 7.01 |  |  | $ | 4.16 |
Weighted average shares outstanding: |  |  |  |  |  |  |
Basic | 42,813 |  |  | 43,276 |  |  | 43,044 |  |  | 43,287 |
Diluted | 42,916 |  |  | 43,485 |  |  | 43,173 |  |  | 43,500 |

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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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