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Acquisitions (Tables) | 9 Months Ended
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Sep. 30, 2023
Business Combinations [Abstract] |
Schedule of Business Acquisitions, by Acquisition | The allocation of the $824.4 million purchase price, including cash, to the 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 September 30, |  |  | Nine Months Ended September 30,
(in thousands, except per share amounts) |  |  | 2022 |  |  |  | 2022
Net sales |  |  | $ | 553,662 |  |  |  |  | $ | 1,719,648 |
Net income |  |  | $ | 92,327 |  |  |  |  | $ | 302,579 |
Pro forma earnings per common share: |  |  |  |  |  |  |
Basic |  |  | $ | 2.16 |  |  |  |  | $ | 7.03 |
Diluted |  |  | $ | 2.15 |  |  |  |  | $ | 7.01 |
Weighted average shares outstanding: |  |  |  |  |  |  |
Basic |  |  | 42,813 |  |  |  |  | 43,044 |
Diluted |  |  | 42,916 |  |  |  |  | 43,173 |

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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 -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-3 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-2 + Details
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