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Business Combination (Tables) | 3 Months Ended
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Mar. 31, 2022
Business Combinations [Abstract] |
Schedule of Acquisition | The following table presents the revised allocation of the consideration paid to the assets acquired and liabilities assumed in the acquisition of BasX described above, which was still preliminary at December 31, 2021. The revisions indicated below were recorded during the three months ended March 31, 2022. The revisions were the results of updates to our preliminary estimates and third party valuation models. The impact of such revisions on net income for prior periods was not significant.
| Revised Allocation as of March 31, 2022 |  | Estimated Allocation as of December 31, 2021 |  | Revision
|  |  | (in thousands) |  |
Accounts receivable | $ | 13,699 |  |  | $ | 13,699 |  |  | $ | — |
Inventories | 2,725 |  |  | 2,725 |  |  | — |
Contract assets | 7,635 |  |  | 7,635 |  |  | — |
Prepaid expenses and other | 341 |  |  | 341 |  |  | — |
Property, plant and equipment | 13,169 |  |  | 13,169 |  |  | — |
Right of use assets | 15,611 |  |  | 15,611 |  |  | — |
Intangible assets | 68,413 |  |  | 70,329 |  |  | (1,916) |
Goodwill | 78,663 |  |  | 82,498 |  |  | (3,835) |
Accounts payable | (9,388) |  |  | (9,388) |  |  | — |
Accrued liabilities | (3,807) |  |  | (3,807) |  |  | — |
Contract liabilities | (7,771) |  |  | (7,771) |  |  | — |
Lease liabilities | (15,611) |  |  | (15,611) |  |  | — |
Contingent Consideration - shares of AAON, Inc. | (60,000) |  |  | (66,000) |  |  | 6,000 |
Consideration paid | $ | 103,679 |  |  | $ | 103,430 |  |  | $ | 249 |
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets Acquired | The Company recognized the following definite and indefinite-lived intangible assets as part of the acquisition of BasX:
| Revised Allocation as of March 31, 2022 |  | Estimated Allocation as of December 31, 2021 |  | Revision
|  |  | (in thousands) |  |
Definite-lived intangible assets |  |  |  |  |
Intellectual property | $ | 6,295 |  |  | $ | 6,479 |  |  | $ | (184) |
Customer relationships | 47,547 |  |  | 48,684 |  |  | (1,137) |
| 53,842 |  |  | 55,163 |  |  | (1,321) |
Indefinite-lived intangible assets |  |  |  |  |
Trademarks | 14,571 |  |  | 15,166 |  |  | (595) |
Total intangible assets acquired | $ | 68,413 |  |  | $ | 70,329 |  |  | $ | (1,916) |
Schedule of Pro Forma Information | Pro Forma Results of Operations (unaudited) The operations of BasX have been included in our statements of income since the closing date on December 10, 2021. The following unaudited pro forma consolidated results of operations for the three months ended March 31, 2021 are presented as if the combination had been made on January 1, 2021.
| (unaudited)
| Three months ended
| March 31, 2021
| (in thousands, except per share data)
Revenues | $ | 130,631 |
Net income | 16,972 |
Earnings per share: |
Basic | $ | 0.32 |
Dilutive | $ | 0.32 |

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(3) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of finite-lived and indefinite-lived intangible assets acquired as part of a business combination. + References No definition available. + Details
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