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Acquisitions (Tables) | 3 Months Ended
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Mar. 31, 2023
Business Combinations [Abstract] |
Schedule of Business Acquisitions, by Acquisition | The allocation of the $824.4 million purchase price, including cash, 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 |  |  | 107,185 |
Other current assets |  |  | 4,491 |
Property and equipment, net |  |  | 89,695 |
Operating lease right-of-use assets |  |  | 5,361 |
Goodwill |  |  | 365,591 |
Intangible assets, net |  |  | 357,327 |
Other noncurrent assets |  |  | 2,881 |
Total assets |  |  | 1,015,148 |
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 |  |  | 117,031 |
Total purchase price |  |  | $ | 824,405 |
The estimated fair value of intangible assets acquired was determined primarily using income approach methodologies. The values allocated to intangible assets and the useful lives were 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 March 31, |  |
(in thousands, except per share amounts) | 2023 |  | 2022 |  |  |  |
Net sales | $ | 534,430 |  |  | $ | 572,754 |  |  |  |  |
Net income | $ | 89,032 |  |  | $ | 105,447 |  |  |  |  |
Pro forma earnings per common share: |  |  |  |  |  |  |
Basic | $ | 2.09 |  |  | $ | 2.44 |  |  |  |  |
Diluted | $ | 2.08 |  |  | $ | 2.43 |  |  |  |  |
Weighted average shares outstanding: |  |  |  |  |  |  |
Basic | 42,610 |  |  | 43,179 |  |  |  |  |
Diluted | 42,827 |  |  | 43,376 |  |  |  |  |

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