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Acquisitions (Tables)

12 Months Ended

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

X

- 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

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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)(3)
-SubTopic 10
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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
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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

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