Acquisitions (Tables)

9 Months Ended

Sep. 30, 2022

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