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Acquisitions (Tables) | 12 Months Ended
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Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | 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 following table summarizes the Company's preliminary purchase price allocations of assets acquired and liabilities assumed as of the acquisition dates for the twelve months ended December 31, 2024, including the related estimated useful lives, where applicable:
|  | Amounts (in thousands) |  | Estimated Useful Life (in years)
Net working capital |  | $ | 3,165 |  |  |
Land |  | 310 |  |  |
Machinery and Equipment |  | 396 |  |  | 1 - 5
Building Improvements |  | 500 |  |  | 28
Intangible assets |  |  |  | 8
Tradename and other (definite) |  | 1,088 |  |  | 10
Tradename (indefinite) |  | 11,900 |  |  |
Customer relationships |  | 10,761 |  |  | 7
Developed technology |  | 13,008 |  |  | 5 - 10
Patent |  | 15,800 |  |  | 10
Goodwill |  | 32,821 |  |  |
Liabilities assumed |  | (10,482) |  |  |
Total net assets acquired and liabilities assumed |  | $ | 79,267 |  |  |
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination | 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 are as follows:
(in thousands except useful life) |  |  | 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:
| Years Ended December 31,
(in thousands) | 2022 | 2021
Net sales | $ | 2,195,271 |  | $ | 1,884,654 |
Net income | $ | 363,527 |  | $ | 261,389 |
Pro forma earnings per common share: |  |
Basic | $ | 8.47 |  | $ | 6.03 |
Diluted | $ | 8.44 |  | $ | 6.00 |
Weighted average shares outstanding: |  |
Basic | 42,925 |  | 43,325 |
Diluted | 43,047 |  | 43,532 |

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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 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(3) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-2 + Details
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- Definition Tabular disclosure of finite-lived intangible assets acquired as part of a business combination or through an asset purchase, by major class and in total, including the value of the asset acquired, any significant residual value (the expected value of the asset at the end of its useful life) and the weighted-average amortization period. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482665/350-30-50-1 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479907/805-20-50-1 + Details
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