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Business Combination (Tables) | 12 Months Ended
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Dec. 31, 2022
Business Combinations [Abstract] |
Schedule of Acquisition | The following table presents the allocation of the consideration paid to the assets acquired and liabilities assumed in the acquisition described above, which was still preliminary at December 31, 2021. The revisions indicated below were recorded during the first quarter of 2022. The revisions were the result of updates to our preliminary estimates and third party valuation models. The impact of such revisions on consolidated net income were not significant.
| Final Allocation |  | Estimated Allocation as of December 31, 2021 |  | Revisions
|  |  | (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 | 15,611 |  |  | 15,611 |  |  | — |
Right of use assets | 13,169 |  |  | 13,169 |  |  | — |
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 | (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:
| Final Allocation |  | Estimated Allocation as of December 31, 2021 |  | Revisions
| (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 | The following unaudited pro forma consolidated results of operations for the years ended December 31, 2021 and 2020 are presented as if the combination had been made on January 1, 2020.
| (unaudited)
| Years ended December 31,
| 2021 |  | 2020
| (in thousands, except per share data)
Revenues | $ | 611,158 |  |  | $ | 562,563 |
Net income | 63,491 |  |  | 80,507 |
Earnings per share: |  |  |
Basic | $ | 1.21 |  |  | $ | 1.54 |
Dilutive | $ | 1.18 |  |  | $ | 1.52 |

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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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