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ACQUISITIONS | 9 Months Ended
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Sep. 30, 2023
Business Combinations [Abstract] |
ACQUISITIONS | (2) ACQUISITIONS Acquisitions of Businesses On August 31, 2023, the Company acquired HR Products for $56,744 Australian dollars ($36,465 United States (“U.S.”) dollars) in cash, net of cash acquired and subject to customary working capital adjustments. Of this amount, $7,200 Australian dollars ($4,626 U.S. dollars) was withheld by the Company at closing as a retention fund, to be settled in two equal payments at 12 and 24 months from the acquisition date for contingencies and disagreements. HR Products provides a broad range of irrigation products to serve the agriculture and landscaping industries, and its operations are reported in the Agriculture segment. The acquisition strengthens the Company’s value proposition to customers in the key agriculture market of Australia by expanding its geographic footprint and accelerating its aftermarket parts presence. The amount allocated to goodwill is attributable to anticipated synergies and other intangibles that do not qualify for separate recognition and is not deductible for tax purposes. The Company is currently completing its fair value assessment and expects to finalize the purchase price allocation by the third quarter of fiscal 2024. The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed of HR Products as of the date of acquisition:
​ | ​ | ​ | ​
​ | ​ | August 31,
​ | ​ | 2023
Current assets | ​ | $ | 24,816
Property, plant, and equipment | ​ |  | 222
Goodwill | ​ |  | 17,645
Other non-current assets | ​ |  | 4,819
Total fair value of assets acquired | ​ | $ | 47,502
Current liabilities | ​ |  | 4,216
Operating lease liabilities | ​ |  | 3,581
Total fair value of liabilities assumed | ​ | $ | 7,797
Net assets acquired | ​ | $ | 39,705
​ On June 1, 2022, the Company acquired approximately 51% of ConcealFab for $39,287 in cash (net of cash acquired). Approximately $1,850 of the purchase price is contingent on seller representations and warranties that will be settled within 18 months of the acquisition date. ConcealFab is located in Colorado Springs, Colorado, and its operations are reported in the Infrastructure segment. The acquisition was made to allow the Company to incorporate innovative 5G infrastructure and passive intermodulation mitigation solutions into its advanced Infrastructure portfolio. Goodwill is not deductible for tax purposes. The amount allocated to goodwill was primarily attributable to anticipated synergies and other intangibles that do not qualify for separate recognition. The Company finalized the purchase price allocation in the first quarter of fiscal 2023. The following table summarizes the fair values of the assets acquired and liabilities assumed of ConcealFab as of the date of acquisition:
​ | ​ | ​ | ​
​ | ​ | June 1,
​ | ​ | 2022
Current assets | ​ | $ | 21,133
Property, plant, and equipment | ​ |  | 3,813
Goodwill | ​ |  | 42,465
Customer relationships | ​ |  | 26,200
Trade name | ​ |  | 5,000
Other non-current assets | ​ |  | 9,108
Total fair value of assets acquired | ​ | $ | 107,719
Current liabilities | ​ |  | 6,658
Long-term debt | ​ |  | 2,038
Operating lease liabilities | ​ |  | 7,812
Deferred income taxes | ​ |  | 5,464
Other non-current liabilities | ​ |  | 12
Total fair value of liabilities assumed | ​ | $ | 21,984
Noncontrolling interest in consolidated subsidiaries | ​ |  | 41,693
Net assets acquired | ​ | $ | 44,042
​ Proforma disclosures were omitted for these acquisitions as they do not have a significant impact on the Company’s financial results. Acquisition-related costs incurred for the above acquisitions were insignificant for all fiscal years presented. Acquisitions of Noncontrolling Interests On August 10, 2022, the Company acquired the remaining 9% of Convert Italy S.p.A. for $3,046. As this transaction was for the acquisition of all of the remaining shares of a consolidated subsidiary with no change in control, it was recorded within “Shareholders’ equity” in the Condensed Consolidated Balance Sheets and as “Cash flows from financing activities” in the Condensed Consolidated Statements of Cash Flows. On May 10, 2022, the Company acquired the remaining 20% of Valmont West Coast Engineering Ltd. for $4,292. As this transaction was for the acquisition of all of the remaining shares of a consolidated subsidiary with no change in control, it was recorded within “Shareholders’ equity” in the Condensed Consolidated Balance Sheets and as “Cash flows from financing activities” in the Condensed Consolidated Statements of Cash Flows.

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479907/805-20-50-5 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//805/tableOfContent + Details
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